Economy

The price of energy has already shot higher, and the conflict imperils supply chains, factors that could exacerbate inflation and suppress growth.In the span of just a few days, the global economic outlook has darkened while troops battled in Ukraine and unexpectedly potent financial sanctions rocked Russia’s economy and threatened to further fuel worldwide inflation.The price of oil, natural gas and other staples spiked on Monday. At the same time, the groaning weight on supply chains, still laboring from the pandemic, rose as the United States, Europe and their allies tightened the screws on Russia’s financial transactions and froze hundreds of billions of dollars of the central bank’s assets that are held abroad.Russia has long been a relatively minor player in the global economy, accounting for just 1.7 percent of the world’s total output despite its enormous energy exports. President Vladimir V. Putin has moved to further insulate it in recent years, building up a storehouse of foreign exchange reserves, reducing national debt and even banning cheese and other food imports from Europe.But while Mr. Putin has ignored a slate of international norms, he cannot ignore a modern and mammoth financial system that is largely controlled by governments and bankers outside his country. He has mobilized tens of thousands of his troops, and, in response, allied governments have mobilized their vast financial power.Now, “it’s a gamble between a financial clock and a military clock, to vaporize the resources to conduct a war,” said Julia Friedlander, director of the economic statecraft initiative at the Atlantic Council.Together, the invasion and the sanctions inject a huge dose of uncertainty and volatility into economic decision-making, heightening the risk to the global outlook.A corn warehouse near Stavropol, Russia. Russia and Ukraine are large exporters of corn.Eduard Korniyenko/ReutersThe sanctions were designed to avoid disrupting essential energy exports, which Europe, in particular, relies on to heat homes, power factories and fill gas tanks. That helped dampen, but did not erase, a surge in energy prices caused by war and anxieties about disruptions in the flow of oil and gas.Worries about shortages also pushed up the price of some grains and metals, which would inflict higher costs on consumers and businesses. Russia and Ukraine are also large exporters of wheat and corn, as well as essential metals, like palladium, aluminum and nickel, that are used in everything from mobile phones to automobiles.Already eye-popping transport costs are also expected to soar.“We are going to see rates skyrocket for ocean and air,” said Glenn Koepke, general manager of network collaboration at FourKites, a supply chain consultancy in Chicago. He warned that ocean rates could double or triple to $30,000 a container from $10,000 a container, and that airfreight costs were expected to jump even higher.Russia closed its airspace to 36 countries, which means shipping planes will have to divert to roundabout routes, leading them to spend more on fuel and possibly encouraging them to reduce the size of their loads.Loading rolls of steel onto a ship at the port of Mykolaiv in Ukraine. One expert predicted that ocean transport costs could triple.Brendan Hoffman for The New York Times“We’re also going to see more product shortages,” Mr. Koepke said. While it’s a slower season now, he said, “companies are ramping up for summer volume, and that’s going to have a major impact on our supply chain.”In a flurry of updates on Monday, several Wall Street analysts and economists acknowledged that they had underestimated the extent of Russia’s invasion of Ukraine and the international response. With events rapidly piling up, assessments of the potential economic fallout ranged from the mild to the severe.Inflation was already a concern, running in the United States at the highest it has been since the 1980s. Now questions about how much more inflation might rise — and how the Federal Reserve and other central banks respond — hovered over every scenario.“The Fed is in a box, inflation is running at 7.5 percent, but they know if they raise interest rates, that will tank markets,” said Desmond Lachman, a senior fellow at the American Enterprise Institute. “The policy choices aren’t good, so I don’t see how this has a happy outcome.”Others were more cautious about the spillover effects given the isolation of Russia’s economy.Adam Posen, president of the Peterson Institute for International Economics, said there were vexing questions, particularly in Europe, about what the conflict would mean for inflation — and whether it posed the prospect of stagflation, in which economic growth slows and prices rise quickly.But overall, he said, “the damage is likely to be small.”That doesn’t mean there won’t be intense pain in spots. Mr. Posen noted that a handful of banks in Europe could suffer from their exposures to the Russian financial system, and that Eastern European companies might lose access to money in the country.Thousands of people fleeing Ukraine are also streaming into neighboring countries like Poland, Moldova and Romania, which could add to their costs.Thousands of Ukrainian refugees, including this family at the Polish border in Medyka, have fled Ukraine for Poland, Romania and Moldova.Maciek Nabrdalik for The New York TimesTurkey’s economy, which is already struggling, is likely to take a hit. Oxford Economics lowered its forecast for Turkey’s annual growth by 0.4 percentage points to 2.1 percent because of rises in energy prices, disruptions to financial markets and declines in tourism.Russia’s Attack on Ukraine and the Global EconomyCard 1 of 6A rising concern. More

(Reuters) – The U.S. Federal Reserve’s plan to end the loose money policies used to fight the pandemic is facing an unexpectedly early test as the Russian invasion of Ukraine poses new economic and financial risks already being felt in global markets.Fed Chair Jerome Powell testifies before Congress on Wednesday and Thursday, and his first comments on the economy in nearly five weeks will confront a situation that has become markedly more complex since January, when he outlined a straight-forward central bank effort to address high U.S. inflation.The remedy – steadily rising interest rates, an eventual reduction in the Fed’s bondholdings, and “nimble” attention to new data – may remain largely intact. Inflation since Powell last spoke has accelerated, a Fed report last week suggested it may prove more persistent than expected, and the conflict in Europe could put even more pressure on prices. But there may be a new note of caution in Powell’s approach. Russia’s increasing isolation, with its central bank assets frozen and other sanctions starting to bite, has driven global risk aversion higher and pushed up the cost of dollar funding in European credit markets. The jump was smaller than seen at the start of the coronavirus pandemic, when trading became difficult even in usually free-flowing markets like that for U.S. Treasury bonds, and prompted the Fed to intervene with massive bond purchases of its own to keep the financial system functioning.Yet it is a reminder that efforts to punish the Russian government will exact a cost, potentially in the form of slower global economic growth and increased financial stress, that Fed officials may want to assess before moving too aggressively. Allowing its own bondholdings to shrink at a time of higher global financial risk, for example, is counter to the Fed’s own adopted role as the world’s financial backstop of last resort.”So far all of the repricing in risk and dollar funding markets has been orderly,” said Columbia Threadneedle senior analyst Ed Al-Hussainy. But the new uncertainty may “test” Fed facilities set up during the coronavirus crisis to help keep financial markets running smoothly, and possibly force the Fed to at least temporarily boost its purchases of short-term U.S. Treasury securities because of increased world demand for dollars. “I think Powell sits down in front of Congress this week and says, one, we are 100% focused on reacting to inflation. Two, we will support market liquidity if necessary…Three, we will work hand in hand with Treasury to impose sanctions on Russia and make sure that the U.S. financial system has the capital and liquidity buffers to handle spillover risks,” he said.FOCUS STILL ON INFLATION Powell will testify Wednesday at 10 a.m. ET (1500 GMT) before the House Financial Services Committee and at the same time on Thursday before the Senate Banking Committee, one of the Fed chair’s twice yearly congressional appearances coinciding with publication of a semiannual Fed review of monetary policy.The policy report was released last week, just two days after Russian forces invaded Ukraine, and included just one terse mention that “recent geopolitical tensions related to the Russia–Ukraine situation are a source of uncertainty in global financial and commodity markets.”The focus of the report was on U.S. inflation, now running at triple the Fed’s 2% target and, according to the document, at risk of remaining higher than desired unless more people start filling the record number of open jobs, and supply chains emerge from their pandemic backlog. Powell is likely to keep much of his focus on inflation and the need for the Fed to begin raising interest rates from their current near zero level in response. For a graphic: Fed policy rate and inflation hit a record gap: https://graphics.reuters.com/USA-ECONOMY/FEDFUNDS/movandmydpa/chart.png The emergency setting is out of sync with the U.S. economy’s comparatively fast exit from the pandemic-induced recession of 2020, with the gap between consumer inflation and the Fed’s policy interest rate the widest on record as the central bank continues to fuel an economy enjoying fast growth, rising wages, strong consumer demand, and record demand for workers. But analysts say Powell may well downplay the possibility the Fed approves a half-percentage point increase to kick off this round of rate hikes, widely expected at its March 15-16 meeting, in effect resolving an ongoing argument among his colleagues that sparked its own bout of volatility and showed some space between Fed officials.Traders in markets linked to the Fed’s policy interest rate, spurred by high inflation and earlier comments from St. Louis Fed President James Bullard, were convinced as of Feb. 10 that the Fed would approve a 50 basis point increase in the Federal Funds rate at this month’s meeting. A related graphic: 50 basis points, there and back: https://graphics.reuters.com/USA-FED/HIKE/lbvgnzogrpq/chart.png Other officials pushed back, and events since then have pointed towards a more typical quarter point increase – and a Fed that may have become more cautious at the margins.”We now know what we are dealing with: a protracted stand-off between Russia and the West. We also think it has reduced the risk of central banks slamming the brakes to contain inflation,” wrote analyst with the BlackRock (NYSE:BLK) Investment Institute. Interest rates “are headed higher. Yet central banks may face less political pressure to contain inflation as the conflict becomes an easy culprit for higher prices. We believe this will allow them to move more cautiously.” More

Investing.com — Ceasefire talks between Russian and Ukrainian officials have failed to end the conflict, and U.S. stocks are expected to open lower as a result, while crude oil surges past $100 a barrel once more. The number of companies taking a stand against Russian aggression is rising, and focus will turn Tuesday to U.S. President Biden’s State of the Union speech. Here’s what you need to know in financial markets on Tuesday, 1st March. 1. Ceasefire talks fail; Companies pull out of RussiaFaint hopes that talks last night between Russian and Ukrainian officials near the Belarusian border could result in a ceasefire have been dashed as they ended without a breakthrough, and negotiators have not said when a new round would take place.Meanwhile, Russian troops have escalated shelling of key cities in Ukraine, while they move slowly in a large convoy toward the capital, Kyiv, seemingly tightening their grip on the country.The corporate world is starting to show its displeasure at the invasion, cutting ties with Russia and reversing around 30 years of investment by foreign businesses there, following the collapse of the Soviet Union in 1991.BP (NYSE:BP), Russia’s largest foreign investor, started the ball rolling by announcing on Sunday that it would exit its 20% stake in state-controlled Rosneft (OTC:OJSCY), at a cost of around $25 billion.U.K. peer Shell (LON:RDSa) followed suit on Monday, ending partnerships with state-controlled Gazprom (OTC:OGZRY). TotalEnergies (NYSE:TTE) said it will no longer provide capital for new projects in Russia, while Daimler Truck (DE:DTGGe), the world’s largest truck maker, said it will stop its business activities in Russia until further notice.Other companies with major links to Russia, including the likes of Renault (PA:RENA), Ford (NYSE:F), Carlsberg (OTC:CABGY), and Danone (PA:DANO), will be under increasing pressure to make a stand, especially as their stock prices head south rapidly. 2. U.S. ISM manufacturing PMI dueThe main U.S. economic data due for release Tuesday is the ISM manufacturing purchasing managers index for February, which is expected to show, at 10 AM ET (1500 GMT), the sector continuing in strong expansionary territory, up 58.0 from 57.6 in January.The Federal Reserve holds its next policy-setting meeting later in March and is expected to start raising interest rates to combat soaring inflation, particularly as the economy continues to show strong growth.Earlier in the day Chinese factory activity recorded an unexpected expansion in February, with the manufacturing PMI coming in at 50.2, above the 50-point mark indicating growth, as well as the expected 49.9 and January’s 50.1.In Europe, the key German manufacturing sector contracted slightly in February, with the PMI falling to 58.4 from 59.8 in January, but remained strongly in expansion territory.3. Stocks set to open lower; Target results dueU.S. stock markets are set to open lower as investors react to the failure of Russia/Ukraine ceasefire talks with Russia’s invasion of its southern neighbor intensifying. By 5:10 AM ET (1010 GMT), Dow Jones futures were down 205 points, or 0.6%, while S&P 500 futures were down 0.7% and Nasdaq 100 futures were down 0.7%.In a volatile session on Monday, the blue-chip Dow Jones Industrial Average lost nearly 170 points, or 0.5%, the broad-based S&P 500 dropped 0.3%, while the tech-heavy Nasdaq Composite rose 0.4%.Investors are preparing to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing on Capitol Hill, which begins on Wednesday, and ahead of there is the start of a big week for retail earnings from department stores and discount stores. Target (NYSE:TGT) gets the ball rolling before the bell, while cloud giant Salesforce (NYSE:CRM) reports after the close. Additionally, Zoom Video Communications (NASDAQ:ZM) stock traded substantially lower in premarket Tuesday after the video conferencing company posted a disappointing outlook.4. State of Union speechU.S. President Joe Biden is set to make his State of the Union address later Tuesday, needing to reconnect with the public as his approval ratings have dropped sharply as families struggle with rising inflation, driven in part by higher energy prices.”The president will call on Congress to send him a bill that lowers costs and lowers the deficit without delay,” the White House said in a preview of the speech. “American families need relief from higher costs, and they need it now.”His ‘Build Back Better’ social-spending agenda has stalled in Congress, and this is likely to result in Biden pivoting to addressing inflation and budget deficit worries via a four-point plan: moving goods cheaper and faster; reducing everyday costs; promoting competition; and eliminating barriers to jobs.The annual consumer price index came in at 7.5% in January, the biggest year-on-year increase since February 1982, while Biden’s approval rating was last at 43%, according to polls from Reuters/Ipsos, near to the lowest level of his presidency. 5. Brent pushes past $100/barrelCrude oil prices pushed higher, with the global benchmark Brent trading over the $100 a barrel level, on concerns that the sanctions levied on Russia, the second largest crude producer in the world, will lead to a substantial disruption in supplies.Major oil and gas companies, including BP and Shell (BS:SHELl), have already announced plans to exit Russian operations and joint ventures, and they are likely to be joined by other Western companies, deeming Russia’s actions in invading Ukraine unacceptable.These concerns have outweighed talk that the United States and allies have been discussing a coordinated release of crude stocks to mitigate this supply disruption.The industry-funded American Petroleum Institute releases its estimate of weekly U.S. crude inventories later in the session. Attention will also be on an extraordinary ministerial meeting of the International Energy Agency later Tuesday, and then Wednesday’s gathering of the Organization of the Petroleum Exporting Countries and other producers, including Russia, to discuss future production levels.By 5:10 AM ET, U.S. crude futures were up 3% at $98.60 a barrel, after settling more than 4% higher on Monday, while Brent crude futures were up 3.6% at $101.41 a barrel, not far off the seven-year high of $105.79 reached last week.Gasoline RBOB Futures were up 2.8% at $3.0130 a gallon. 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LVIV (Reuters) – Ukraine’s banking system is running smoothly and banks are replenishing cash machines where possible, central bank governor Kyrylo Shevchenko said in a statement on Tuesday. Online banking is operating as usual, allowing non-cash transfers including to the army, he said. More

Risks to global supply chains are rising from the increasingly severe effects of climate change laid bare in a landmark UN report this week, and could place extra pressure on fuel stability and essential goods worldwide.Recent crises have thrown the vulnerability of supply chains into sharp focus, as Russia’s invasion of Ukraine has highlighted Europe’s dependence on oil and gas imports, while the international manufacture and distribution of goods remains chaotic following the pandemic.Climate-related shocks such as extreme weather events will become more common and severe as the world warms, and could further upend interconnected supply chains if governments do not act to build resilience, the latest analysis by the UN’s Intergovernmental Panel on Climate Change says. That could drive up the price of critical items such as food and hamper international development, said the report, which was authored by 270 scientists from 67 countries.The world has warmed by 1.1C since the pre-industrial period and is on track for 3C by 2100, the IPCC said. Beyond 1.5C the effects are expected to be exponential for each fraction of a degree of warming.Among the risks highlighted was the potential for climate-related hazards such as floods, droughts and energy outages to disrupt global trade, and the effects that could have on economies and food security. Damage to food storage, caused by electricity failures, and to transport routes could “significantly decrease availability and increase the cost of 22 highly perishable, nutritious foods such as fruits, vegetables, fish, meat, and dairy”, the report said. One-third of China’s population, and its manufacturing capability as a result, was vulnerable to electricity supply disruptions caused by floods or droughts, it warned.The globalised nature of supply chains meant risks were “interconnected and systemic. One leads to another,” said Mami Mizutori, head of the United Nations Office for Disaster Risk Reduction. But risk management was often siloed and reactive, she said. “We are caught continuously in this vicious circle of disaster, response, recovery and then again disaster.”Global beverage company Coca-Cola said 21 per cent of the water used by the facilities it owned came from “areas of high or extremely high water stress”, in a recent climate disclosure to non-profit monitoring group CDP. “Approximately $946mn of annual revenue is dependent upon bottling facilities in India that operate in areas considered to have high baseline water stress,” the company added.Daniela Schmidt, a lead IPCC author, warned of the risk of “simultaneous failures” of breadbasket commodities, that could drive up global food prices.

Wildfires devastated agricultural crops in Russia in 2010 and 2011, upending wheat supply chains and causing a spike in food prices. Floods in Bangkok in 2011, meanwhile, hit the manufacturers of car parts and computer chips, which had a knock-on effect to Silicon Valley and beyond as it rocked the global automotive and tech sectors.Patrick Verkooijen, chief executive of the Rotterdam-based Global Center on Adaptation, said climate considerations needed to become part of everyday “risk management” for companies.Nina Seega, from the University of Cambridge’s Institute for Sustainability Leadership, said “just in time” supply chains were particularly vulnerable. “If you can work to allow some slack in the system, that will create a more resilient system overall,” she said. More

Like many young university lecturers, Carl lives in a state of constant uncertainty. A teaching assistant in the politics department of a London university, he does not find out whether he will have work until a month before the start of each term, when he is given a schedule of a few hours of paid teaching each week. To make ends meet, the 32-year-old often pieces together teaching jobs on multiple courses. The time in each contract is rarely enough to adequately prepare for lectures, mark students’ work or give feedback, so much of the work is unpaid. “The reality is if the university ran with the hours we’re contracted for it wouldn’t work and everybody knows it,” he said. “There’s a lot of insecurity — we don’t know if we’re going to get work next year.” Carl, who asked to be identified by a pseudonym, is one of thousands of staff at dozens of universities across the UK taking part in three weeks of strikes over pay, cuts to pensions and workplace conditions. It is one of the most high-profile and disruptive industrial actions now in the UK. But university workers are not alone. At a recent strike by academic staff at City, University of London, the lecturers and teachers were joined on the picket lines by security staff, represented by another union entirely. What united them was not just pent-up demand for higher pay and a safer working environment, but also a sense of injustice that is fuelling the country’s most confrontational pay bargaining season in years.For the past two years industrial action has largely paused while unions focused their energies on saving jobs threatened by coronavirus lockdowns. But in 2022, with employers battling staff shortages and inflation already at a 30-year-high, workers in a range of sectors from transport to custodial work to education, on the front lines and in white collar offices, are downing tools.RMT cleaners hold a rally outside Parliament last week. Transport cleaners whose workloads intensified during the pandemic, with little reward, have downed tools © Guy Smallman/Getty On Tuesday, a strike over pension reforms was set to shut down the entire London Underground. About 3,000 employees at Airbus factories in Wales and Gloucestershire have voted to take strike action over pay from March, as have workers at a nearby subsidiary of GE Aviation Systems. Bin lorry and bus drivers in many parts of the country have been demanding — and winning — big pay rises after watching wages shoot up for truckers with similar skills. Outsourced cleaners whose workloads intensified during the pandemic, with little reward, have downed tools to strike at hospitals, railway stations and at Facebook’s London offices. More widespread disruption looks likely in the rail sector, where unions are making plans for national strike action if talks with train operators and Network Rail over a major restructuring of the industry break down.White-collar workers are also up in arms: 1,500 teachers at the Girls’ Day School Trust — a group of 23 private schools and 2 academies across England and Wales — are striking in a dispute over pensions, and industrial action is threatened at the Financial Conduct Authority, where staff have been angered by a transformation plan that will effectively cut pay for many of them.“People work way beyond what they are expected to do in their job descriptions,” Daniel Shannon-Hughes, a branch rep for Unison, which represents security and support staff as well as workers in the public sector. “Even before inflation started increasing at a rapid rate our members had seen real-terms pay cuts for over a decade. It gets to the point where you have to say enough is enough — it can’t go on like this. And we’ve reached that point.” Some see the resurgence of industrial action as a sign that workers are wielding new bargaining power, especially in sectors facing acute labour shortages and desperate to hold on to staff.

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Data gathered by Indeed, the online job search site, shows that advertised wage rates for driving, manufacturing and construction jobs have risen about 8 per cent over the past year, while even in the perennially underpaid care sector advertised wages are up 6.6 per cent. For certain skilled roles, advertised wage growth was in double digits — from chefs to welders and painters, warehouse packers and mental health nurses.“Workers in some occupations are in a position to bargain for higher wages to cushion themselves from the cost of living squeeze,” said Jack Kennedy, economist at Indeed.But for most people, inflation is rising at a much faster rate than wages. The latest official data showed regular pay, excluding bonuses, was just 3.7 per cent higher than a year earlier in the three months to December, similar to pre-pandemic rates. In real terms, average earnings fell — and the squeeze is set to worsen in the months ahead as energy prices push inflation to fresh 30-year highs.This squeeze on living standards is one factor fuelling anger among key workers, who faced extraordinary demands in the early stages of the pandemic — with most employers now unwilling to offer pay deals that would match inflation, because they are facing cost pressures on all fronts.It adds up to a combustible moment in labour relations, and a test for Britain’s unions in the most intense period of worker unrest since the 2016 Trade Union Act placed new, onerous limits on their activities. Advertised wage rates for manufacturing jobs have risen about 8 per cent over the past year © Paul Thomas/Bloomberg“For a few decades now there’s been relatively low levels of industrial dispute. What we’re starting to see in recent years is an uptick [and] a counter attack from the employers to try and shut off that emergence of labour struggles,” says James Eastwood, the branch head of the University and College Union (UCU) at Queen Mary University London. The pension disputeAt UK universities, the core of the industrial action is a dispute over pension benefits provided by the Universities Superannuation Scheme, the main pension scheme provided by UK universities and colleges. Many of the 200,000 active members regard these benefits as deferred wages that make up for academia offering less in terms of pay and security that would be offered elsewhere. Members are now facing a potential cut of 35 per cent to their guaranteed pensions, according to union calculations, after a valuation carried out in March 2020 identified a deficit of between £14bn and £18bn in the scheme’s finances. The UCU argued the valuation gives a pessimistic view of the scheme’s finances, and that universities should be able to foot the bill for worker benefits. Despite its assets recovering to pre-pandemic levels since that assessment, USS said the cuts were necessary because the cost of funding pensions had increased, and because of new pension promises. Universities UK, which represents the sector, said without change pensions would have become “unaffordable” for members and employers. Jo Grady, the union’s general secretary, said strike action was driven by members’ “complete disgust and desire to protect what is rightfully theirs”, arguing that university bosses were “needlessly attacking” pensions and “inviting industrial action as an annual event”.Jo Grady, centre, UCU General Secretary, says vice-chancellors’ actions have eradicated the goodwill from staff that is vital to keep universities operating © Simon Chapman/LNP/ShutterstockBut the dispute goes beyond pensions to the overall working environment in the sector. In a series of separately-balloted strikes the union is also demanding pay increases, action on gender and race pay gaps, and an end to precarious, short-term and zero-hours contracts which have become endemic in the sector.UCU estimates that its workers have experienced an average 25.5 per cent real terms pay cut over the past 13 years, while almost 90,000 academic and academic related staff are employed on insecure contracts. In response, the Universities and Colleges Employers Association says over half of academic staff had received a pay increase of between 1.5 per cent and 4.5 per cent this year, and that the sector was reducing its reliance on fixed term contracts.When the pandemic hit in March 2020, union members scaled back industrial action. But during a strenuous two years in which staff on part-time contracts worked overtime to move teaching online and support students, while struggling to do the research demanded for career progression in the unforgiving world of academia, the grievances which led them to down tools became even more acute. “The experience of the pandemic has alienated staff even further,” Eastwood said. “People were working really hard to keep the show on the road and not getting any consideration back. There was a real sense of disrespect, that our goodwill was not being reciprocated.”Universities, Eastwood added, require this “goodwill”, in the form of additional hours spent marking work, supporting students or organising events, for their day-to-day running. “It’s stuff that’s not accounted for in workload models, but it’s critical to the functioning of the university,” he said. Now, academics say their goodwill and willingness to provide free labour has run out. Further action could include a marking boycott.

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“We’re not ruling anything out,” Grady said. “There is far more that staff could do . . . any notion of goodwill to keep the sector going has been completely eradicated by [university] vice-chancellors who are pursuing this.”The decision to escalate action is in part in response to the approval, last week, of the pension cuts that prompted this wave of strikes. But it is also prompted by outrage at some universities threatening to withold pay from striking staff for months beyond the action, in what the UCU said amounts to a “lockout”. As well as withholding pay for strike days, several universities including QMUL and City this month said they could deduct 100 per cent of pay from striking staff who did not reschedule lectures that were cancelled during the strike. The full pay withdrawal could be imposed for a period of “working to contract,” or action short of a strike, scheduled until at least May. Several other universities threatened to deduct pay in part.UCEA, which advised universities to make the threat, said they were not only “legally entitled” but “compelled” to do so due to a “duty to students.” The union, however, regards rescheduling activities from strike days as undermining strike action and have refused. “Rescheduling makes the whole strike powerless,” Grietje Baars, a UCU member and legal scholar at City University, said. “We see this as a strikebreaking tactic that we think might have national repercussions, not just within the higher education sector but more broadly.” Students and lecturers take part in industrial action in London last week over real-term pay cuts and insecure contracts © Charlie Bibby/FTCity University said in a statement it would “reserve the right” to deduct 100 per cent of pay. “We respect the right of members of our recognised trade unions to take industrial action, but we will continue to do all that we can within the law to mitigate the impact that action has on our students’ education,” it said. QMUL said it would “reasonably request” that staff carry out contractual duties.The challenges to unions’ powerThe threat of a stand-off, with potentially months of further disruption and universities withholding pay from hundreds of staff indefinitely, ups the stakes as more workplaces contemplate industrial action. Union members fear it could set a precedent for more punishing responses from employers as economic pressures led to more strikes. “They’re underhand tactics, designed to stop a return to a time when staff could take industrial action to defend their conditions,” Eastwood said.Unpredictable employer responses present a challenge for the UK’s biggest unions. New leaders have pledged to prioritise members’ interests in workplaces rather than becoming embroiled in party politics, but the hurdles to industrial action have become higher since 2016, when the Conservative government passed controversial legislation that tightened the rules on balloting, with a view to reducing disruption to public services. Unions’ power is also limited by the long-term decline in their membership and their weak presence in many parts of the service sector where low-paid workers are concentrated.Sharon Graham, the general secretary of the union Unite, ran for office with a promise of practical action to fight job cuts and defend pay. She also set out a detailed manifesto on how she planned to achieve this, including by authorising industrial action ballots whenever cuts to pay or conditions were imposed, scrutinising every below-inflation settlement at top level, and targeting major employers whose standards would set the norm for their sector.Melanie Simms, professor of work and employment at the University of Glasgow, said this new focus on “bread and butter, practical improvements” was a a distinct change of tone from the party political focus and backroom deals of the past, but would take time to filter through — while cautioning that unions’ influence was weak in many parts of the UK economy.“If you happen to be a binman in Brighton, you’re doing all right,” she said, referring to a pay rise won by the city’s refuse workers after strikes in October. But workers in other low-paid sectors, such as retail and hospitality, could be in a very different position, she said, because “the sectors that have labour shortages are not the ones with union representation”.Workers in other low-paid sectors with staff shortages, such as retail, might lose out on wage increases as they are not unionised © Charlie Bibby/FTOECD data show just 26 per cent of UK employees were covered by collective bargaining agreements in 2017 — ahead of the US, where collective bargaining coverage was just 11.6 per cent, but well behind the levels seen in major EU economies and the OECD average of about 32 per cent.Kevin Rowan, head of organizing at the Trades Union Congress, gave a similar warning about the limits of unions’ power. “Across the economy, we are seeing relatively small pockets of quite significant industrial action,” he said. Because balloting thresholds made it difficult to organise national strikes in the public sector, this would not necessarily lead to a “big wave of industrial action”, he said. But he added that: “the government should not assume public service workers are happy with their pay or workload issues.” Yet for many workers, industrial action is the only recourse they have left. Jackie, a rail sector cleaner, joined strike action in Westminster last week to demand higher hourly wages and better sick pay from the outsourcing company Churchill. “I have to work 84 hours a week to bring enough money in,” she said.Despite 14 years of service, she said, she had received only 80 per cent of her usual pay when she was forced to take three months off work after catching Covid — she believes, from a passenger who sneezed in her face while she was cleaning a train. Now, she said, she found herself scouring supermarkets late at night for short-dated, discounted food in order to make ends meet. “A lot of cleaners are single people, with children,” she says. “You shouldn’t have to do that.” More

Foreign trade, which helped drive the world’s second-largest economy last year, will be confronted by uncertain external demand and a high statistical base from 2021, said Commerce Minister Wang Wentao. “This year, the pressure on foreign trade will be huge and the situation will be very severe,” Wang said at a press conference. Labour shortages and high raw material costs have also heaped pressure on the ability of China’s small and medium-sized companies to handle overseas orders, he said.Given the global uncertainties, China must “do everything possible” this year to spur domestic consumption, Wang said. Last year, the Chinese economy rebounded with its best growth in a decade, helped by robust exports and a resulting record trade surplus. But there were signs that momentum was slowing on weakening consumption and a domestic property downturn.In December, retail sales grew 1.7% from a year earlier, missing an average forecast of 3.7% and slowing from November’s 3.9% gain. Some recovery momentum was seen in consumption in February after downward pressure since the fourth quarter, Wang said.Stability in all aspects of society is the watchword in China this year as the Communist Party gathers for a once-in-five-year congress in late 2022. President Xi Jinping is expected to claim his third term as leader of the party. China will aim to broaden access to its markets and draw more foreign investment into the country’s industrial sector, including advanced manufacturing and strategic new industries, Wang said. Foreign direct investment grew in the double-digits in January-February, he said. More

This latest FT-Statista ranking of fast-growing European companies illustrates the changing fortunes of some sectors since the Covid pandemic took hold, in 2020. The companies that made the final cut were sufficiently resilient — and, in some cases, lucky — to survive a collapse in demand caused by coronavirus restrictions, trade frictions due to Brexit, and a long-running global supply chain squeeze. This show of strength, and a growing optimism in some quarters about the global economy, mean many business leaders are confident of better performance in the forthcoming year — despite the new risks posed by labour shortages, rising inflation, Russia’s invasion of Ukraine and soaring energy prices. Deloitte research in January showed that many UK business leaders were planning to increase investment this year, in expectation of strong UK and global demand for their companies’ goods and services. And London’s tech start-ups attracted a record $25.5bn in venture capital investment last year, more than double the level in 2020. An in-depth FT special report about this sixth annual FT 1000 list, to be published on March 21, will analyse the extent to which current economic threats might change companies’ fortunes yet again, and assess which sectors may be in line for an “Omicron bounce” as the risks posed by the variant recede. The ranking, compiled with Statista, a research company, lists the European companies that achieved the highest compound annual growth rate in revenue between 2017 and 2020. The minimum CAGR required to make the list was 36.5 per cent — a notch above the 35.5 per cent needed for last year’s ranking. The full report featuring case studies and analysis will be published in print and online on March 21 In a nod to the circular economy, Swappie, a Finland-based marketplace for refurbished smartphones, has knocked Bulb Energy off the top spot this year, with a CAGR of 477 per cent. Bulb, Britain’s seventh-biggest energy supplier, went into “special administration” in November when its risky hedging strategy for managing energy market volatility led to its collapse — and forced the UK government to prop it up with a taxpayer-funded loan. Kilo Health, a Lithuanian digital healthcare company, comes in second this year with a 2017-20 revenue CAGR of 450 per cent. Kilo is followed by OCI Group, a UK-based supply chain procurement business — which ratcheted up a CAGR of 409.6 per cent over the same period — and OnlyFans, the UK-based digital platform best known for selling user-created pornography to subscribers. As with last year, the top 10 is made up of new entrants to the ranking. But, on the list overall, there are 306 companies that also appeared in the previous edition. A total 117 companies have won a place on the ranking in three consecutive years.The sectoral mix this year is broadly in line with the 2021 ranking: technology leads with a fifth of companies on the list, followed by construction and retail. However, retail has boosted its share of the ranking to 8.6 per cent from just under 6 per cent last year. Italy is the country with the most entries on the list, with 235. Second is Germany with 194, followed by the UK with 155. As with last year, London is the city with the greatest number of fast-growing companies (81), followed by Paris (34) and Milan (33).Scroll to the bottom of the interactive table for the full methodology.

FT 1000 — Europe’s Fastest Growing Companies 2022RankNamein 2021 rankingin 2020 rankingCountrySectorAbsolute Growth Rate %Compound Annual Growth Rate (CAGR) %Revenue 2020 (€)Revenue 2017 (€)Number of employees 2020Number of employees 2017Founding Year1SwappieNoNoFinlandTechnology19,152.82477.4397,611,814507,000218120162Kilo HealthNoNoLithuaniaHealth16,541.73450.0557,318,766344,4281771020133OCINoNoUKFinancial Services13,133.13409.59568,322,0734,325,51232420124OnlyFansNoNoUKTechnology11,928.05393.63316,732,9862,652,185800420165EnpalNoNoGermanyEnergy11,441.27386.8856,109,613486,165365920176MR ConsultingNoNoGermanyWaste management & recycling8,624.23343.5213,165,586150,9089220177ThrivaNoNoUKHealth7,396.77321.6618,732,563251,668571220158ExotecNoNoFranceIndustrial Goods6,635.11306.8647,597,000706,7002001520159WineliveryNoNoItalyEcommerce6,480.53303.737,337,290111,500101201510InstaboxNoNoSwedenTechnology6,287.13299.7324,484,879392,0551175201511WaterdropNoNoAustriaFood & Beverage5,957.94292.7441,205,930680,19718012201612One LeaseNoNoFranceSupport Services5,790.52289.099,015,211153,046112201613Datlas*NoNoItalyTechnology5,713.76287.399,034,926155,40625113201714ZegoNoNoUKFintech5,242.60276.6312,158,046229,20122436201615HCL-LogisticsNoNoGermanyTransport4,682.15262.9711,387,156238,118245201716PopsaNoNoUKTechnology4,649.68262.1521,455,864454,975344201617Unit8NoNoSwitzerlandTechnology4,377.53255.107,234,981149,397412201718Luoto CompanyNoNoFinlandTechnology4,303.97253.1414,338,668325,585496201619Journi PrintNoNoAustriaEcommerce4,165.75249.416,851,839160,624299201420PortifyNoNoFranceSupport Services4,118.60248.1111,583,215274,57522823201721TibberNoNoNorwayEnergy4,104.02247.7130,886,935782,918458201522Rascal IndustryNoNoPolandFashion4,029.49245.659,008,822238,451186201323Pegaso SecurityNoNoItalySupport Services3,943.64243.238,375,180207,12050920201724TideNoNoUKFintech3,801.56239.1716,136,633416,56258172201625Euro Top BrandNoNoItalyRetail3,726.04236.9613,888,900363,01011201726Bold Security GroupNoNoUKSupport Services3,356.60225.756,238,378181,772266201127Play Magnus GroupNoNoNorwayGames industry2,967.63213.046,461,790214,67314010201328Blue Whale Growth FundNoNoUKFinancial Services2,957.41212.695,189,391170,95071201629KazidomiNoNoBelgiumEcommerce2,950.29212.458,042,499263,663653201630Sun FinanceYesNoLatviaFintech2,899.26210.70121,306,2964,044,53780090201231CredimiNoNoItalyFinancial Services2,859.83209.3311,301,520381,8305621201532SIRPLUSNoNoGermanyRetail2,828.22208.234,540,000155,0431338201733AIHR | Academy to Innovate HRNoNoThe NetherlandsEducation2,752.08205.533,584,553125,682316201634Logistics Capital Partners (LCP)NoNoLuxembourgProperty2,744.13205.25210,563,7437,403,458279201535Südwest InvestNoNoGermanyProperty2,660.84202.245,820,402210,820102201736CORADE (Plurimmo)NoNoFranceProperty2,646.07201.7056,018,7312,039,96177200037CarrancoNoNoSpainFood & Beverage2,589.10199.604,176,440155,31054200638TelemediNoNoPolandHealth2,572.52198.984,452,513182,1005010201439InkittNoNoGermanyTechnology2,480.16195.495,926,970229,7135622201440H.K.TradingNoNoItalyRetail2,438.64193.905,721,590225,38021201641AttestNoNoUKTechnology2,424.14193.344,864,178194,09012416201542LGM IMMOBILIERNoNoFranceProperty2,416.78193.052,549,778101,31111na201643Wolfram Chain*NoNoThe NetherlandsManagement Consulting2,314.21189.022,431,371100,711297201744RightNowNoNoGermanyTechnology2,256.98186.728,951,132379,771383201745EO ChargingYesNoUKTechnology2,182.00183.6417,158,962757,323637201446CheTariffa.itNoNoItalySupport Services2,164.85182.932,495,860110,20092201347SimplyNoNoUKFinancial Services2,131.19181.5216,483,836744,0929026201748Salary FinanceNoNoUKFintech2,130.67181.508,593,220387,99518724201549DBTNoNoSwedenFintech2,090.34179.793,837,994179,204102201750TutloNoNoPolandEducation2,087.98179.697,778,203388,56514015201651PoneraNoNoFranceEcommerce2,082.38179.4525,901,6071,186,853274201352Active Energy SolutionsNoNoGreeceEnergy1,979.82175.0113,312,033640,05620201453ACTEAM ENRNoNoFranceEnergy1,966.73174.432,133,691103,24082201254EverflowYesNoUKTechnology1,928.53172.7364,223,0853,188,715708201555Azure PrismNoNoUKRetail1,909.48171.874,752,777238,21611201656WR LogisticsNoNoGermanyTransport1,892.58171.1111,662,200585,28072201757iProovNoNoUKTechnology1,889.07170.957,435,887376,5196114201158Spin UpNoNoItalyAdvertising1,865.84169.894,009,330203,95051201759BeGreatNoNoGermanyRetail1,803.65167.015,141,555270,090164201260Tsunami Nutrition*NoNoItalyEcommerce1,782.11166.006,945,000369,000172201761Matt SleepsNoNoThe NetherlandsInteriors1,729.53163.509,789,240535,07062201662TessianNoNoUKTechnology1,702.70162.2115,365,580858,48213828201363SolarisbankNoNoGermanyFinancial Services1,690.63161.6235,938,0002,007,00036998201664M2DG (MyFlexoffice)NoNoFranceSupport Services1,666.64160.456,630,617375,323212201665EukonNoNoItalyHealth1,664.65160.356,393,680362,320112200466Evolution AdvNoNoItalyAdvertising1,659.07160.0714,175,780805,870133201667Making ScienceYesYesSpainTechnology1,644.00159.3357,670,5413,306,79527447200168EverliYesYesItalyEcommerce1,637.55159.01109,248,0306,287,46020745201469AppFollowNoNoFinlandTechnology1,624.69158.372,210,636128,1767312201470SyneriseNoNoPolandTechnology1,613.70157.823,999,023255,06219040201371ChaiKolaNoNoPolandFood & Beverage1,604.74157.375,158,786330,76384201072ScolutionNoNoGermanyTechnology1,598.31157.041,825,546107,492124201573JL&PNoNoFranceEnergy1,586.90156.472,212,606131,164153201774eFarma.comNoNoItalyPharmaceuticals1,579.82156.1120,150,8001,199,580508201775ElvieYesYesUKTechnology1,561.33155.1640,813,9302,474,34113822201376FarmarelaxNoNoItalyPersonal & Household Goods1,546.97154.434,459,170270,75051201077OmnisendYesNoUKTechnology1,494.85151.7111,761,268742,7469920200878World Trade GroupNoNoItalyFashion1,459.11149.824,897,950314,15051201779BESTEAM ConseilNoNoFranceTechnology1,453.83149.543,871,782249,176322201680MotorwayNoNoUKAutomobiles1,420.90147.764,838,407320,411965201681ISO Public ServicesNoNoGermanyTechnology1,389.24146.0310,019,903672,821260201482Octopus EnergyYesNoUKEnergy1,368.58144.892,120,071,949145,398,192918106201583CyberIAM*NoNoUKCyber Security1,367.04144.805,639,335387,161828201784Cbweed*NoNoItalyPersonal & Household Goods1,328.57142.643,500,000245,000172201785CatraportNoNoPortugalAutomobiles1,306.55141.397,294,549518,6134618201586OUIHELPNoNoFranceSupport Services1,304.85141.293,686,617262,42110613201687InpayYesNoDenmarkFintech1,298.53140.9323,803,0001,702,0006733201388M.G.I. Meccaniche Generali IrpineNoNoItalyIndustrial Goods1,283.67140.072,610,700188,680104201789Glencar ConstructionYesNoUKConstruction1,269.90139.27107,860,4427,930,094807201690QmeeYesNoUKTechnology1,268.04139.1712,571,314925,527239201091MyAppFreeNoNoItalyAdvertising1,264.72138.975,764,870422,420101201592Investa DienstleistungenNoNoGermanySupport Services1,262.58138.852,176,136159,707558201493Polarium Energy SolutionsYesNoSwedenBatteries1,257.04138.5274,065,4135,581,8585819201494Baroni HomeNoNoItalyEcommerce1,254.32138.361,531,358113,07254201695DayshapeNoNoUKTechnology1,251.43138.193,320,479247,465456201396Marketers CompanyNoNoItalyAdvertising1,249.94138.111,880,460139,30083201697Easo MagnoNoNoSpainBeauty1,242.47137.673,061,854228,07652201798GreyfoodNoNoGermanyRetail1,241.42137.609,187,050684,874101201699Misfits HealthNoNoUKFood & Beverage1,234.31137.182,266,155171,057932016100MeilleursBiens.comNoNoFranceProperty1,225.70136.673,864,176291,481512010101Fasanara CapitalNoNoUKFinancial Services1,216.25136.1111,527,860882,0993652011102NtechLabNoNoCyprusTechnology1,214.76136.028,730,000664,000122442015103Babylino SensitiveNoNoItalyPersonal & Household Goods1,211.43135.822,851,840217,460522016104FastnedYesNoThe NetherlandsTechnology1,198.37135.036,890,000530,66754242012105OxrayNoNoPortugalHealth1,179.02133.865,465,756427,339622009106ZEGA InvestNoNoGermanyProperty1,163.47132.913,785,340299,598432017107Abylon ConsultingNoNoHungaryTechnology1,156.25132.471,721,315159,128722016108MilrabNoNoNorwayEcommerce1,151.36132.1679,302,2016,753,19177202005109UrbantzNoNoBelgiumTechnology1,150.62132.123,031,099242,3685572015110Tricas ConstructionNoNoUKConstruction1,148.16131.9715,880,7451,281,4623262017111Florence OneNoNoItalyTechnology1,137.06131.281,629,099131,6911062017112ErgotopiaNoNoGermanyRetail1,135.70131.197,664,825620,2833582014113Mcule.com Kft.YesNoHungaryChemicals & Pharmaceuticals1,133.10131.032,683,264252,7131752011114FiloNoNoItalyTechnology1,132.04130.9610,049,610815,6901892014115HomepalNoNoItalyProperty1,131.09130.901,603,990130,2901142014116StaffbaseNoNoGermanyTechnology1,121.82130.3226,894,5012,201,178310552014117ILON MATERIELNoNoFranceConstruction1,111.76129.692,512,300207,327422016118Bio-marineNoNoIrelandPersonal & Household Goods1,110.84129.631,612,837133,2002572014119ISODECONoNoFranceConstruction1,103.81129.182,906,133241,4111822016120TreedomNoNoItalySupport Services1,097.84128.816,709,720560,15042182010121Fenstermaxx24NoNoGermanyRetail1,087.64128.158,466,121712,8552032016122Pohl & Söhne GerüstbauNoNoGermanyConstruction1,075.04127.342,124,763180,8243172017123YSO CORPNoNoFranceMedia1,073.57127.256,689,503570,0121332013124Gyada CosmeticsNoNoItalyBeauty1,072.49127.181,830,610156,1301022017125PrivitarYesNoUKTechnology1,068.59126.939,923,965855,321190472014126Delineate StrategyNoNoUKTechnology1,065.09126.703,332,661288,0952512015127SpyrosoftYesNoPolandTechnology1,061.67126.4824,721,7552,326,082563752016128Bio Energy SolutionsNoNoSlovakiaWaste management & recycling1,057.21126.1916,006,5371,383,2053762014129IncresoNoNoItalyManagement Consulting1,049.47125.683,230,000281,0005122015130LSG – Logistic & Service GroupNoNoItalyTransport1,041.38125.158,873,180777,4104612016131EnergihemNoNoSwedenConstruction1,033.39124.6328,004,6842,527,006125192015132AmityNoNoUKTechnology1,019.79123.725,743,440522,712164482012133GoyagoNoNoGermanyRetail1,005.08122.743,729,920337,5254342014134LA REGIE DE PORTAGE SALARIALNoNoFranceSupport Services1,003.16122.617,638,731692,440140232016135Dall EnergyYesYesDenmarkEnergy991.29121.816,013,000551,0001552007136AppinioNoNoGermanyTechnology988.35121.613,597,000330,5004452014137PinsamiNoNoItalyFood & Beverage975.16120.714,892,000455,00033142015138AER TRADINGNoNoFranceRetail969.96120.3517,575,3881,643,572112013139VALUMENNoNoFranceSupport Services968.54120.262,196,424205,554412014140FollowNoNoFranceAdvertising964.02119.956,844,818643,2991442016141DarpdecadeNoNoGermanyRetail954.24119.276,624,660628,38417342016142BoltYesYesEstoniaTechnology949.32118.93221,393,88921,098,84317983992013143Kiteworldshop.comNoNoItalyEcommerce941.48118.381,671,984160,539522014144Peter KenkelNoYesGermanyRetail938.81118.2022,137,0002,131,00019102006145TemplafyYesNoDenmarkTechnology937.64118.1115,486,4511,521,010292322014146ComserviceNoNoItalySupport Services935.17117.942,016,300194,78099172014147Falcor PresseNoNoItalyIndustrial Goods927.28117.382,996,770291,720512017148RoomRaccoonNoNoThe NetherlandsTechnology927.15117.381,715,334167,0004082017149SignaturitYesYesSpainTechnology921.07116.955,639,953552,35595372013150ModulrNoNoUKFintech914.74116.5012,789,0981,269,382191312015151PROFISHOPNoNoGermanyRetail909.37116.1143,812,0684,340,51763172012152FloerNoNoThe NetherlandsInteriors908.11116.022,520,013249,9751522015153AudiosalusNoNoItalyRetail904.15115.741,569,480156,3001242011154StatsBombNoNoUKTechnology897.81115.292,027,170204,6202622016155Theras BiocareYesNoItalyPharmaceuticals888.84114.6426,633,2302,693,390822013156StennNoNoUKFintech886.94114.5029,615,5713,058,14161322016157NanushkaYesYesHungaryFashion884.55114.3320,825,9342,456,563180302012158DPM – Deutsches Personal ManagementYesNoGermanySupport Services882.56114.182,267,760230,80060102016159MoneseNoNoUKFintech880.00114.0018,196,4511,870,109243842013160ArquimeaYesNoSpainTechnology867.03113.0572,044,3617,450,099288402005161Groupe PERSPECTIVENoNoFranceEducation866.15112.982,709,000280,3901842013162FunnelYesNoSwedenTechnology866.06112.9811,499,0311,217,338155372014163Living QuarterNoNoGermanyHealth847.68111.625,016,731529,3714952015164Svea SolarNoNoSwedenEnergy842.47111.2366,146,9117,177,912287382013165Bevcraft GroupNoNoIrelandFood & Beverage842.21111.214,046,859429,5051662016166Learning TechnologiesYesNoUKTechnology834.19110.6119,446,4292,096,5709327672013167Cura FarmaNoNoItalyHealth825.58109.964,436,220479,290922014168Kamado BonoNoNoLithuaniaPersonal & Household Goods824.45109.886,801,734735,758722013169SIPADANNoNoSpainManagement Consulting823.89109.833,457,203374,2004732007170DateioNoNoCzech RepublicFintech812.34108.954,710,733530,78545182013171CREST InvestmentYesNoGermanyProperty811.16108.864,857,817533,1441642016172Componenti DigitaliNoNoItalyRetail808.60108.672,805,850308,8101922017173IMMO-KONZEPTENoNoGermanyProperty797.40107.812,269,276252,871632006174SwipBoxNoNoDenmarkTechnology792.08107.409,391,7601,052,7964132014175NextoryNoNoSwedenMedia790.71107.2926,534,0873,046,6678592015176ITDS PolskaYesNoPolandTechnology789.96107.238,609,9411,057,443176322016177SavaitNoNoItalyEcommerce787.93107.072,108,040237,410542015178AdponeYesNoSpainAdvertising786.15106.9411,124,5121,255,3721832015179Nord SecurityNoNoLithuaniaCyber Security785.05106.85156,623,91518,035,02910003502012180MewsYesNoThe NetherlandsTechnology784.47106.8122,386,0002,531,000226252012181TitulaeNoNoSpainEducation783.80106.754,870,863551,1283592015182systeme.ioNoNoIrelandEcommerce780.26106.482,407,982273,5524052016183EODH SANoNoGreeceAerospace & Defence765.91105.352,597,612299,98830202003184Multix solutionsYesNoItalyHealth764.38105.2311,586,4601,340,430522015185B2DIGITNoNoFranceTechnology763.88105.191,978,128228,9821222016186A Million AdsNoNoUKAdvertising761.93105.034,882,837570,5644752015187WoodWatchYesNoThe NetherlandsRetail758.51104.765,590,390651,1702552013188Fenêtres du DoubsNoNoFranceConstruction753.42104.362,238,347262,2801232010189KoeseaNoNoGermanyConstruction750.00104.083,400,000400,0006532016190Podium Advanced TechnologiesYesYesItalyAutomobiles744.97103.6818,025,7402,133,31038142011191SPEGRANoNoCroatiaConstruction744.07103.6117,059,7912,025,8791661092010192GPAINNOVAYesYesSpainIndustrial Goods739.66103.2515,245,6171,815,680117182013193Soluzione TasseNoNoItalyManagement Consulting736.20102.9718,939,4302,264,9402342016194VelocultourNoNoGermanyRetail731.33102.582,458,500295,7311522016195butorpiac.huNoNoHungaryEcommerce731.00102.552,184,336305,268722011196Success SolutionsNoNoCzech RepublicTechnology727.39102.262,633,664327,2184482016197Bug Bite Thing EuropeNoNoDenmarkHealth722.29101.841,577,878191,679111989198DexatelYesYesEstoniaTechnology721.49101.7811,087,9801,349,7332442015199GemcoNoNoItalyConstruction718.65101.543,941,900481,510612015200Lyonnaise de Construction et RenovationNoNoFranceConstruction717.46101.446,640,842812,371n/an/a2015201GoustoYesYesUKFood & Beverage713.62101.13210,945,37026,112,7577022042012202Winter in VeniceNoNoUKBeauty710.72100.8912,682,0621,575,522642010203Infratech BauYesYesGermanyConstruction710.04100.8360,067,0887,415,334721820072044Streets Building Innovation Tunnels Bridges RoadsNoNoItalyConstruction708.86100.746,739,630833,2304632016205LandbayYesYesUKFintech708.18100.688,980,4961,119,17895312013206DegooNoNoSwedenTechnology708.03100.671,973,775249,8181832012207Franco FrescoYesYesGermanyFood & Beverage707.67100.6450,723,8586,280,267320522016208LendableNoNoUKFintech707.63100.6340,305,1935,026,34984252014209Ulrich Müller Wealth AcademyNoNoGermanyHealth698.5999.883,516,744440,369622014210cerascreenYesYesGermanyHealth698.4699.8710,499,7821,315,00084192012211EqinovYesNoFranceEnergy696.4899.7170,183,7448,811,70843242011212Serre Famiglia Pederiva Viticoltori dal 1958NoNoItalyFood & Beverage695.0899.599,022,0201,134,7301271996213Bloom & WildNoNoUKEcommerce693.1999.43155,595,72619,757,296170682013214BräutigamNoNoGermanyAutomobiles693.1599.436,315,124796,2072992016215Newil & BauYesNoFinlandConstruction693.0599.4219,420,6722,448,858712006216ID FinanceYesYesSpainFintech687.6798.97103,634,00013,157,0004112712015217KryNoNoSwedenHealth683.3998.6177,764,61110,152,222600742014218Sixth SenseYesNoItalyTechnology682.6398.543,916,570500,4402542015219NethiveYesNoItalyCyber Security681.6398.463,960,770506,7301972014220Latitude Investment ManagementNoNoUKFinancial Services680.2398.341,750,466225,964832016221QredYesYesSwedenFintech679.7098.2930,414,1223,989,35568102015222oculavisNoNoGermanyTechnology678.1198.163,924,472504,35755152016223The Information LabNoNoItalyTechnology675.8697.974,253,110548,1803052015224MD SonnenschutztechnikNoNoGermanyConstruction675.3497.924,068,621524,7501062015225SyntioNoNoCroatiaTechnology673.7497.792,127,532274,9664372017226BomaeNoNoDenmarkFinancial Services673.4497.761,662,487214,7131332016227GophrNoNoUKTechnology665.3197.075,738,336755,1911862014228Memory PCYesNoGermanyRetail662.7696.8557,375,0007,522,000110202012229Sollis SolargroßhandelNoNoGermanyRetail661.9296.7711,860,1001,556,607622017230SpotawheelYesNoGreeceAutomobiles660.1696.6215,646,5882,058,315123372015231Ooni Pizza OvensYesYesUKPersonal & Household Goods656.1796.2863,879,4148,508,39883182012232Robovox DistributionsNoNoGermanyRetail655.9196.2619,427,0002,570,00035102015233CentralNic GroupNoNoUKTechnology655.0196.18197,260,27926,626,422650922000234Bernd Andert TransporteNoNoGermanyTransport651.5795.884,105,262546,22683162003235Bluewater BioNoNoUKTechnology651.0795.8420,201,4242,708,98318162007236Tecma SolutionsYesYesItalyTechnology650.6595.807,319,870975,140107252012237DelanteYesNoPolandSales & Marketing645.9295.392,160,094316,52548212015238intumindYesNoGermanyHealth641.4595.006,560,962884,8851582015239SaljolNoNoGermanyHealth640.7294.934,146,403559,77815102016240TKD SolutionsNoNoGermanyTelecoms639.3994.8215,874,2452,146,9502092014241KuoriNoNoFinlandTechnology635.8594.502,501,902340,0001552016242FerroampYesNoSwedenEnergy635.7794.507,645,0031,062,64942212010243Valor Real Estate PartnersNoNoUKFinancial Services634.7094.404,534,588621,6362362016244AnexitiNoNoFranceTechnology633.0394.262,565,735350,0191422013245GENIUSNoNoFranceSupport Services631.5494.122,417,902330,5222362017246InstillaYesNoItalyAdvertising629.1593.912,993,310410,5203132015247FOOTDISTRICTYesYesSpainEcommerce628.4993.8514,942,2622,051,13360122012248SpiideoYesNoSwedenTechnology627.3893.764,799,358674,80536122012249ContractPodAiNoNoUKTechnology626.9693.724,875,622670,685118142012250Tarhan BauausführungenNoNoGermanyConstruction625.8893.621,851,000255,0001552017251MatillionNoNoUKTechnology624.3693.4924,580,7093,417,815218442010252Extra Mile Live ServiceNoNoGermanyRetail623.6293.422,637,501364,485522017253LITTLEBIG CONNECTIONNoYesFranceSupport Services612.5592.43111,538,88315,653,388173172013254SPC General ServiceYesNoItalyConstruction611.0892.306,788,660954,70050152011255jobandtalentYesYesSpainTechnology608.1292.03352,879,16549,833,5118011562008256Financial HouseNoNoUKFintech608.1192.0318,766,6252,669,24720142016257MyLeadNoNoPolandSales & Marketing607.9792.022,004,501309,4714282013258Mia-PlatformYesYesItalyTechnology605.3591.786,515,510923,73074152016259TecnimedNoNoItalyHealth604.9491.749,551,7901,354,98032201976260Longevity PartnersNoNoUKRetail601.4391.422,336,243335,4602252015261NexumStpYesYesItalyManagement Consulting601.3791.4225,667,4003,659,630345562015262G-ONNoNoFranceSupport Services598.1091.121,810,459259,3421632016263PicnicNoNoUKAdvertising590.7790.451,508,869219,9991032016264EgomniaNoNoItalyTechnology586.9590.101,901,140276,7503622012265LoyaltyLionNoNoUKTechnology586.8990.094,483,296657,38240102012266reMarkableNoNoNorwayTechnology581.4889.59115,793,39018,106,514142222016267KubrickYesNoUKManagement 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& Beverage465.7878.199,235,9461,644,1341432013347Abc RentYesNoItalyAutomobiles462.5677.8521,818,0003,878,370852004348Superior WellnessNoNoUKPersonal & Household Goods461.1277.7054,150,6229,719,65357202011349Schrott24NoNoAustriaWaste management & recycling460.8377.6714,641,5232,610,6791232016350Mazzoni EtechNoNoItalyIndustrial Goods459.2177.502,344,440419,2401432017351Berdugo ImmobilierNoNoFranceProperty458.1377.3815,049,8452,696,485641996352Nova rentNoNoLithuaniaIndustrial Goods456.2577.188,900,0001,600,0003792016353RouvyNoNoCzech RepublicGames industry455.4577.104,058,269751,07138132013354Business Analysis & Legal Expertise – B.A.L.E.NoNoItalyManagement Consulting452.4876.782,943,020532,690432015355JMBNoNoPolandEnergy452.2076.7570,179,00012,709,0003811722000356NOCNOCNoNoFranceTravel & Leisure450.8576.611,596,167289,7661322016357CrowdPropertyYesNoUKFintech449.1676.432,941,537539,4863352013358Tutos’MeNoNoFranceEducation447.7676.284,989,872910,9634242015359Studio Eko’NoNoItalyManagement Consulting446.7476.171,740,660318,3701042011360BeingsNoNoUKTechnology444.4275.921,881,768348,129722010361dmrgroupltd.comNoYesPolandChemicals & Pharmaceuticals443.1475.787,050,1241,418,769632013362Ice Telecommunications LtdNoNoUKTelecoms442.6475.7316,067,5512,982,238119352014363Gallas GroupNoNoItalySupport Services441.6475.624,640,710856,79095182012364EtracomYesYesItalyEcommerce439.6175.4022,952,6604,253,6001042010365XalientNoNoUKTechnology439.2275.3626,199,7174,893,65488382015366LabevolutionNoNoItalyHealth438.3875.277,264,1301,349,250n/a52009367KuadraYesNoItalyInteriors435.1974.923,400,580635,4002092015368Kyo ElectricYesYesSpainTelecoms433.2074.705,402,3021,013,181832014369SoPostNoNoUKTechnology432.0274.577,825,1381,481,39832132012370S.F.R.E.NoNoItalyConstruction431.8274.553,004,290564,9104472016371SportstechYesYesGermanyRetail430.9274.45108,500,23320,436,426262602012372Opéra EnergieYesNoFranceEnergy427.3874.0611,218,2112,127,15198402014373RouteNoteNoNoUKTechnology427.3674.0638,428,8587,339,33076282010374DoctifyNoNoUKHealth425.6073.872,409,255461,67140262016375FruugoYesNoUKEcommerce425.5773.8621,793,1944,176,34767302008376InsidemarketingNoNoGermanyTechnology421.7073.442,971,846569,6461572012377FalziNoNoItalyWaste management & recycling420.3473.292,037,320391,5401122013378Atrys HealthNoNoSpainHealth420.2373.2731,396,4386,035,116504622015379Il Cantiere CostruzioniNoNoItalyConstruction420.0473.254,297,790826,430412016380SoorceYesYesGermanySupport Services418.9673.1315,639,6183,013,62922132004381SortlistNoNoBelgiumTechnology418.4773.083,396,000655,00085262013382VirtusLabYesYesPolandTechnology417.1272.9312,468,5482,635,420234902010383SkalHuset.seNoNoSwedenEcommerce416.2372.837,342,8111,454,7111652012384VIPINONoNoGermanyRetail415.2372.7211,067,6812,148,1222662013385GEA ServiceNoNoItalyWaste management & 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FishingYesYesGermanyRetail385.6869.356,806,6641,401,4632542013413StorPool StorageNoNoBulgariaTechnology385.1669.293,306,191681,46025162011414VimcarNoNoGermanyTechnology383.4569.0914,674,0113,035,269164722013415JOANNES DISTRIBUTION SASNoYesFranceRetail381.1968.837,064,9001,468,200852011416Sourcing ForceNoNoFranceTechnology380.8068.7812,806,9652,663,6993082011417Schalttechnik NordNoNoGermanyTechnology380.1368.7012,489,0322,601,15760162000418DGCNoNoGermanyCyber Security378.9968.571,577,296329,2982752015419SuperprofYesYesFranceEducation375.9068.2010,168,2142,136,626202282013420ImproveasyYesNoUKManagement Consulting375.4768.1526,446,7985,602,13248122011421ViarénoNoNoFranceConstruction375.3068.136,937,7371,459,6553082014422CMTNoNoSlovakiaWaste management & recycling373.7667.951,951,232411,85819102013423RetsNoNoPolandProperty373.4267.915,206,0321,201,96497312014424MUBINoNoUKMedia373.0967.8718,356,6233,954,351104332007425Dynamicom 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industry361.7866.52468,257,487110,835,76311777441994439VPACE BikesNoNoGermanyRetail361.2466.462,643,580573,1451012015440TooltesterYesNoSpainSales & Marketing361.1766.453,646,507790,712602014441Bunker PartnerYesYesEstoniaEnergy361.1266.45101,726,26522,060,642722015442TikamoonNoNoFranceEcommerce360.0166.3156,122,32212,200,275130402006443S.T.A.R. DigitalNoNoCroatiaAdvertising359.9866.313,211,868699,9078102013444Funding OptionsYesNoUKFintech359.6266.265,922,0431,297,71762292011445IsimedNoNoItalyHealth359.6166.264,828,9201,050,6601482014446Sonar, SonarQube, SonarCloud, SonarLintNoNoSwitzerlandTechnology358.5966.1483,632,64016,861,349195502008447SchererNoNoGermanySupport Services358.3766.114,285,766934,9943042016448Mycroclean ItaliaNoNoItalySupport Services357.4466.003,366,730736,00024142002449PiscorNoNoItalyEcommerce356.2565.864,842,4101,061,3601682015450MarwincarYesNoItalyAutomobiles356.2165.855,083,1401,114,200312016451Brighton & Hove Albion Football ClubNoNoUKTravel & Leisure355.6765.79148,505,28532,824,45110382881993452INPE TransportNoNoBulgariaTransport355.5865.781,816,274398,6766052015453RTB HouseYesYesPolandTechnology355.4565.76191,601,07645,981,5527732662013454ObizYesYesFranceMedia353.6965.5515,377,0003,389,30038272010455VmWayYesYesItalyTechnology351.0165.2215,901,2203,525,72070332012456LegimiNoNoPolandMedia350.9665.217,007,0931,698,3581282009457MSG BeautyNoNoGermanyRetail350.8365.202,910,737645,6331152011458Leogra TradingNoNoGermanyRetail350.1265.115,078,4641,128,2431142014459BenefindNoNoItalyTechnology347.5664.802,262,490505,52032102012460AB Oil & Gas ServiceNoNoItalySupport Services347.1264.742,310,000516,6401352017461MailtrackYesNoSpainTechnology344.4164.413,445,698775,34123142013462BumperYesNoUKFintech343.1164.253,394,214771,50433152013463OTL – Online TrainerNoNoGermanyHealth342.8164.216,607,5641,492,19046222015464Macingo TechnologiesNoNoItalySupport Services342.5264.181,601,000361,7901792014465MYCSNoNoGermanyRetail340.4563.9239,355,8468,935,3612101202014466Audience ServNoNoGermanyAdvertising339.5063.806,107,0181,389,53492232008467StartNoNoItalyTelecoms339.5063.803,769,100857,590842012468MvH MediaNoNoThe NetherlandsSales & Marketing338.8863.732,391,654544,9432982010469PURE GAMINGYesYesFranceEcommerce338.2963.656,984,9561,593,667212010470Parcel CompareNoNoUKTransport337.4463.559,085,9362,091,995841998471Ames Centro Polidiagnostico StrumentaleYesYesItalyHealth337.3763.5440,391,3609,235,13081711979472Arcadia ItaliaNoNoItalyEnergy337.2263.523,249,140743,130612016473Zia LuciaYesNoUKRestaurants336.6963.454,853,9301,119,49443162016474Travaglini CostruzioniNoNoItalyConstruction333.4963.054,603,7401,062,01037161952475Versa Design ZycleNoNoSpainTechnology331.9762.869,501,8882,199,64081102008476MAUCHER CONSULTNoNoGermanyConstruction331.7762.841,952,000452,0911552016477AyesYesNoItalyTechnology331.2062.7610,827,0702,510,930137512015478BrandUp GroupYesNoItalyAdvertising331.0862.752,718,640630,660512016479OpynNoNoItalyFinancial Services329.7462.584,168,220969,93019112012480VAR CapitalNoNoUKFinancial Services329.6262.572,132,001499,815842014481StoryTerraceNoNoUKTechnology329.0062.492,843,048667,4672592017482BlubitNoNoSloveniaTechnology328.9862.482,964,852691,1402282009483ZEN’UPNoNoFranceInsurance328.6262.441,891,361441,271992014484Lörcher BauunternehmenNoNoGermanyConstruction328.5362.433,932,792917,73525172001485Barcode ArchitectsNoNoThe NetherlandsArchitecture327.7762.334,851,9971,134,25662232010486TOP CHALEURNoNoFranceRetail326.5262.177,260,0961,702,1652792002487SeingimYesYesItalyConstruction326.0962.1213,479,3803,163,540160521999488Amphibian ScaffoldingNoNoUKConstruction325.8262.084,011,415948,81349212008489BelianiNoNoLiechtensteinEcommerce325.6162.0693,438,77020,298,2885512052009490HatstoreYesNoSwedenEcommerce325.4262.0317,453,1874,195,78945172011491Carpenteria MartinoNoNoItalyConstruction325.1962.009,719,7502,286,00027192006492CapitalOnTapYesYesUKFintech324.9961.9882,238,37219,489,369147612012493NetguruNoNoPolandTechnology324.2661.8934,677,2358,933,7696371992008494FazioNoNoItalyRetail322.4161.653,375,810799,170762014495GrillfürstNoNoGermanyRetail322.0661.6138,599,4089,145,41184372010496DealernetNoNoItalyAutomobiles320.9261.4622,704,3005,394,02018142017497Alpha Real EstateYesYesGermanyProperty319.8961.33119,161,13728,378,99057142013498AppwiseNoNoBelgiumTechnology319.0761.224,546,1101,084,81274122013499Convert GroupYesNoGreeceTechnology318.7761.182,789,489666,11855172014500Revolution RaceYesNoSwedenEcommerce318.3061.1289,332,52121,841,34165172013501GONG GalaxyNoNoFranceRetail318.0161.0911,320,7062,708,25840112009502GDR CostruzioniNoNoItalyConstruction317.9961.091,573,480376,440882011503Emporio ElettricoNoNoItalyEcommerce317.8461.071,979,050473,640412015504Exscientia AIYesNoUKTechnology317.6361.0410,807,0482,606,29687152012505FeaturespaceNoNoUKFintech316.0860.8423,501,4735,688,8223241282005506XL ENERGIESNoNoFranceEnergy315.1660.728,358,7602,013,4031132016507ClaveriaNoNoSpainSupport Services314.5660.644,715,3631,137,45043202015508TimberagentsNoNoGermanyRetail313.9860.575,302,9851,280,989432010509fermeture econ’homeNoNoFranceConstruction312.8260.421,862,632451,1963022012510NRSENoNoSwedenManagement Consulting309.9760.053,268,813815,44970202014511SIMWERTYesYesGermanyTelecoms309.0559.9326,386,7016,450,75921162011512Flex LegalNoNoUKLaw308.6659.884,319,1461,064,4982422015513DocumasterYesNoNorwayTechnology308.4159.853,328,791868,55241152010514Immo-Team AllgäuNoNoGermanyConstruction308.3759.8421,974,5655,381,108412014515creditshelfYesNoGermanyFinancial Services307.6259.744,899,2001,201,90057172014516BlifeYesNoItalyFood & Beverage306.7059.624,133,9801,016,4801072016517NohupYesNoItalyTechnology306.2959.574,785,4801,177,8601892004518NoctuaiYesNoPolandTechnology306.2259.562,443,117657,37756172012519AresYesYesGermanyIndustrial Goods305.8059.5014,000,0003,450,00096472013520Moonpig GroupNoNoUKEcommerce305.6659.49411,390,748102,139,9793992422000521Wealth ClubNoNoUKFinancial Services304.8759.386,774,8671,685,34822152016522FACTORYNoNoFranceProperty304.2659.3012,609,0003,119,0002542016523Beck IngredientsNoNoSpainHealth303.8159.247,532,2931,865,319622016524Mentors & Partners GroupNoNoHungaryManagement Consulting303.4459.191,822,227524,552332010525SB SupplyYesNoThe NetherlandsEcommerce303.3859.194,363,9771,081,844942011526MediaboardNoNoCzech RepublicMedia302.6559.092,243,594572,7982482015527DW TRANSYesYesFranceTransport302.4159.069,485,1732,357,09680202012528NACELEXPERTNoNoFranceIndustrial Goods301.5358.942,727,392679,247422006529keylightNoNoGermanyTechnology301.4358.933,499,555871,77931142015530TechnacyNoNoItalyTechnology301.4058.923,059,440762,2001332011531GenoskinNoNoFranceChemicals & Pharmaceuticals300.9758.872,810,120700,82325122011532Payment AssistYesYesUKFintech297.5158.415,993,8951,518,67821122013533my BooNoNoGermanyRetail297.4758.404,706,0001,184,0006514201353484codes.comYesYesSwedenTechnology297.4658.4012,120,2073,118,69825112012535KLG LIQUIDANoNoGermanyChemicals & Pharmaceuticals297.2958.385,034,5951,267,2242062013536IgnimissionNoNoFranceTechnology297.0858.352,280,542574,3233582011537Adamant BioNRGNoNoItalyEnergy297.0658.35117,997,00029,718,000742013538XplortNoNoUKInteriors296.9358.332,252,358571,513522015539Bambridge AccountantsYesNoUKFinancial Services296.7158.303,368,822855,2831272010540G2ParkNoNoSlovakiaProperty295.9758.202,902,148732,9241372016541Pelizzari StudioNoNoItalyArchitecture295.9758.202,625,660663,100522014542PostexYesNoThe NetherlandsTechnology293.4157.865,248,9081,334,213942014543Consorzio Stabile AmbientemiliaYesYesItalyWaste management & recycling291.2557.579,752,7602,492,730552013544Yocabe’YesNoItalyEcommerce290.9257.533,293,860842,6001262016545Chez NestorYesYesFranceProperty290.8857.528,559,2632,189,72033192012546Mint ItaliaNoNoItalyTransport288.5957.222,415,110621,500922016547SendcloudYesYesThe NetherlandsEcommerce288.4457.2081,775,45221,052,232233272012548Datakey Software EngineeringNoNoItalyTechnology288.1957.161,898,000488,9401062008549MetamindsYesYesRomaniaCyber Security287.5657.0832,103,0848,605,11341212015550Time VisionNoNoItalyEducation287.3857.052,793,340721,09029112012551Werksräder24YesYesGermanyAutomobiles287.2157.0314,896,0003,847,00036162013552FOD Mobility GroupYesNoUKTechnology286.8156.9813,309,9453,465,67570352008553SelfergNoNoItalyEnergy285.3956.782,050,130531,96060102007554Poppri Fashion AuctionsYesNoLithuaniaEcommerce284.7456.7013,028,8563,386,41494452012555Vizion NetworkYesNoUKAutomobiles284.4956.66117,817,15630,862,1561941562008556Beyond Law Group*NoNoUKLaw284.1056.618,233,6162,159,01066272017557EDA WarehousingNoNoGermanyTransport284.0356.604,570,0001,190,00014132014558BPVNoNoGermanyTelecoms283.2956.5022,704,2755,923,57190452013559Ultra Premium DirectYesNoFranceAgricultural Commodities283.2156.4920,779,8905,422,58381292013560AFR-IX telecomYesYesSpainTelecoms283.0156.469,933,8672,593,64924122013561Blue energyNoNoPolandCyber Security282.7156.424,527,9701,293,18144282010562C’JUSTE PARISNoNoFranceRetail282.6356.412,404,398628,3881552013563SOS-accessoireNoNoFranceEcommerce281.7456.2914,690,4083,848,26244132007564Hannes KönigNoNoGermanyConstruction281.1956.218,750,6712,295,63227182017565ZANATTA media groupNoNoGermanyAdvertising280.5856.138,383,8592,202,906962007566WastepackNoNoUKWaste management & recycling280.3656.1022,373,2955,924,38920181997567Radar Consulting ItaliaNoNoItalySupport Services279.0455.921,580,450416,9601772010568AgriconomieYesYesFranceAgricultural Commodities278.5855.8637,248,1179,838,77953322014569AnyTech365YesYesSpainTechnology275.9455.4918,743,7044,985,7583641872014570Cladspray SolutionsNoNoUKConstruction275.8355.481,863,819499,4841242013571iM Global PartnerNoNoFranceFinancial Services274.9055.3531,463,6928,392,54150102015572ConfinvestNoNoItalyPrecious metals274.5255.3041,130,00010,982,110621983573Ethic TechnologyYesYesFranceTechnology274.1555.248,340,8242,229,273322012574BomaxYesNoItalyTelecoms273.4755.1571,290,68019,088,830762001575KK-TradeNoNoGermanyRetail273.1255.104,383,2541,174,7701542017576MarsapetNoNoGermanyRetail273.0355.093,960,2001,061,6422642015577BakajiYesNoItalyEcommerce272.5455.0220,222,7505,428,3001682015578CodicePlasticoNoNoItalyTechnology272.1854.973,068,430824,4501472009579TremendNoYesRomaniaTechnology272.1354.9620,679,1555,772,7164261852005580DoofinderNoNoSpainTechnology271.9754.946,590,4341,771,75861172010581HostingerYesYesLithuaniaTechnology271.8154.9225,860,6646,955,394780802004582CatalyxYesYesSwitzerlandSales & Marketing271.6454.906,540,5431,627,1603992013583Harness CodeNoNoBulgariaSales & Marketing270.7954.782,223,308599,612962016584Nanoprom ChemicalsNoNoItalyChemicals & Pharmaceuticals270.6854.762,779,910749,9401752014585EliteNoYesSpainConstruction270.3954.7210,060,5502,716,24049272012586AppUniteYesYesPolandTechnology268.9854.534,424,0631,310,532119262012587Eskalia et NakupendaNoNoFranceRetail268.9254.521,515,414410,775722006588LGX LogisticsNoNoGermanyTransport268.2054.428,070,0592,191,7331232006589PolipopNoNoPortugalIndustrial Goods268.1654.413,351,671910,39222112015590StampaSiNoNoItalyEcommerce268.0854.402,543,820691,1101012016591CAMNoNoItalyIndustrial Goods268.0554.4012,280,4903,336,60067451984592Plug In DigitalYesYesFranceMedia267.7554.3513,767,6023,743,74037122012593PredicaNoNoPolandTechnology267.3254.2917,589,0825,233,937241822009594Ocean TransportNoNoSpainTransport266.8454.234,783,8461,304,0731922009595SerinusNoNoUKEnergy265.8154.0819,651,4465,474,802751031997596DEMV Deutscher MaklerverbundYesNoGermanyFinancial Services264.3253.875,012,8411,375,94350202009597STI NorlandYesNoSpainEnergy263.3753.74199,822,15054,990,779221531996598HD ElektrotechnikYesNoGermanyTechnology263.3453.734,207,6721,158,04276272011599Engenie GroupNoNoItalyTechnology262.6053.632,025,040558,480912017600Groupe N.A.TYesNoFranceSupport Services261.4253.464,180,1221,156,59664252016601La Sarraz PicturesNoNoItalyMedia260.9053.391,513,710419,430522015602Smart-PlanetNoNoGermanyRetail260.2253.294,598,2071,276,483952016603Sidea GroupYesNoItalyManagement Consulting260.1753.292,429,590674,5604982015604COUTEAUJAPONAIS.COMNoNoFranceRetail259.8353.244,579,1021,272,5581752004605PHYSIDIAYesNoFranceHealth259.6653.2116,746,5454,656,19158202010606Horando DeutschlandNoYesGermanyRetail259.3253.178,111,2692,257,390322013607Diablochairs, Jan NowakYesYesPolandEcommerce259.1553.1421,520,4956,549,37679222004608ParksterYesYesSwedenTechnology258.9253.1155,139,98415,711,60228162011609BIOTYFULLYesNoFranceEcommerce258.8853.1020,248,4365,642,1451352015610BioksanYesNoSpainFood & Beverage258.3053.025,914,7321,650,75651142014611TrippelNoNoNorwaySupport Services258.0552.983,057,807910,070118371999612Yourparkingspace LimitedYesYesUKTechnology257.6052.9213,863,4313,904,61832152013613CarsliftNoNoFranceAutomobiles257.4252.892,226,659622,9893512012614Zimmerei NordmannNoNoGermanyConstruction257.3552.892,074,577580,5371152009615SI Silicone InnovationYesNoGermanyIndustrial Goods257.3252.883,640,5111,018,84340202015616A.U.E. Genc Warenhandels-UGYesYesGermanyRetail256.9052.8219,890,0005,573,0001282010617MGvisionNoNoItalyAdvertising255.8152.664,010,5601,127,17018102010618New General ServiceYesNoItalySupport Services255.0752.561,539,360433,54026132015619ANDRE RENOVATIONNoNoFranceConstruction254.9352.5411,594,3893,266,70341152010620M.D.G. Components UnipersonaleNoNoItalyIndustrial Goods254.4152.462,283,970644,44014102017621Amco-BulgariaYesNoBulgariaRetail254.2052.436,298,6061,778,2742252011622SymproveYesNoUKPersonal & Household Goods254.0952.4212,298,8433,498,27539162005623TecknuovoNoNoUKTechnology253.8752.3926,273,5567,477,85222102015624Platform.shNoNoFranceTechnology253.6852.3622,077,6786,242,232217622010625ISG Express LogistikYesNoGermanyTransport253.6852.365,822,6921,646,3074652011626Manelli ImpresaYesNoItalyConstruction253.6552.3643,355,98012,259,540173552008627SA FormaçãoYesYesPortugalEducation253.5552.343,647,6521,031,73353222009628SM SektManufakturNoNoGermanyIndustrial Goods253.3552.312,408,586681,6521432015629Beauty Consult DeutschlandNoNoGermanyHealth253.1152.283,725,6651,055,1003182011630FinautoNoNoItalyAutomobiles251.9152.1011,789,8703,350,270851977631AuCOFFRE.comNoNoFranceFinancial Services251.6652.07114,037,83832,428,29621182009632DividoYesNoUKFintech251.5752.063,786,0361,084,61646372014633R&K IngenieureNoNoGermanyConstruction251.5652.055,210,5001,482,1001762016634Nephos TechnologiesYesNoUKTechnology251.4852.0417,559,4475,031,69725112011635La VidaYesYesUKSupport Services250.0651.847,572,1282,178,6291582002636Midstream LightingNoYesUKTechnology249.6451.788,204,8442,363,5261242012637PROPULSE ITYesYesFranceTechnology249.5851.776,326,8611,809,858222014638Additius Santa MariaNoNoSpainAgricultural Commodities248.9851.6831,757,3629,100,08330252012639CONEXIO TELECOMNoNoFranceTelecoms248.8851.671,908,640547,0841532017640TripinNoNoGermanyRetail248.4351.605,465,0801,568,506952012641Continental Wood Kft.NoYesHungaryIndustrial Goods247.2851.432,724,073910,973941996642GeoTeamNoNoItalyEnergy247.2051.427,623,7302,195,780120712008643LeascorpNoNoFranceFinancial Services247.0551.4018,481,2475,325,214742014644Positive HealthcareNoNoUKManagement Consulting246.8851.386,731,8311,954,6091932014645Ralph SchmolkeNoNoGermanyRetail246.6351.342,281,929658,317842010646Roomie MilanoNoNoItalyProperty245.4851.173,728,9201,079,3401022016647Trencadis CorpYesNoRomaniaTechnology245.4551.1720,410,5116,137,75589402007648WORTEKSNoNoFranceTechnology245.4451.171,870,845541,5821142016649REMOVEYesNoFranceConstruction244.6451.058,988,4752,608,09374272015650CitadeloNoNoCzech RepublicCyber Security243.9450.951,556,521452,55727152006651Grill AutoserviceNoNoGermanyAutomobiles243.3650.8618,141,2165,283,41526132017652InbroollNoNoSpainIndustrial Goods243.0750.822,663,110776,2681582013653CrossYesNoGermanyRetail242.5950.7588,590,00025,858,983432010654B1gas S.p.AYesNoItalyEnergy242.5850.7541,474,66012,106,480622010655FilvaNoNoItalyConstruction242.1750.696,188,9001,808,7101082009656ArchingestYesNoItalyConstruction241.2650.563,515,0001,030,000622005657Alpha FX GroupNoYesUKFinancial Services241.2650.5551,640,73315,241,075124512009658lemonadsYesNoSwitzerlandAdvertising241.1250.534,952,2551,451,7705072012659SignicatYesNoNorwayTechnology240.3950.4342,514,15013,309,441213712007660Alfred DöpkerNoNoGermanyConstruction240.3350.4277,358,22522,730,52955411965661Bavaria-EiNoNoGermanyRetail240.0650.3813,067,2793,842,67088422001662Oxylabs.ioNoNoLithuaniaTechnology239.2350.2625,040,9547,381,686245572015663A.S.H. AutomobileYesNoGermanyAutomobiles239.1950.252,333,452687,958522014664VascularNoNoHungaryHealth238.3850.1329,099,6799,987,23657182007665ANDJARONoNoFranceSupport Services237.9550.073,189,298943,71857302015666Röhrtaler WertstoffNoNoGermanyWaste management & recycling237.5850.013,286,187973,46034222013667Autel UKNoNoUKTechnology237.4349.998,520,8302,543,343762016668Discoup.comNoNoItalyAdvertising236.5849.862,075,110616,5201082013669Hellas DirectYesNoCyprusInsurance236.5549.8634,488,97110,247,83285522011670HERRLESYesNoGermanyAutomobiles236.4649.8510,242,0753,044,05445302009671Investmentpunk AcademyNoNoAustriaEducation235.6949.733,179,000947,0001262016672Born StahlbauNoYesGermanyIndustrial Goods235.0549.644,527,0931,351,1641362015673RETTEL ProjektbauYesNoGermanyConstruction234.9749.628,073,4582,410,212752016674SuntronicNoNoItalyEnergy234.8749.612,347,320700,960422005675TMTYesYesItalyIndustrial Goods234.8449.6012,763,5243,811,8384262014676GedankenburgNoNoGermanyAdvertising234.7449.592,950,010881,275522015677SVOP Special Vehicle OperationNoNoSwedenAutomobiles234.0749.494,526,3091,385,6621662013678Glenholme Healthcare GroupNoNoUKHealth234.0049.4814,845,0734,476,5174151322011679AUDENSIELYesYesFranceTechnology233.9649.4757,451,27917,203,1607202302013680IvnosysNoNoSpainTechnology233.9549.478,743,0692,618,069106342011681MulconsaNoNoSpainConstruction233.8749.466,687,4022,002,9824530201268250NRTHNoNoGermanyRetail233.7549.4435,107,34810,518,96354142004683DelectoNoNoCroatiaPersonal & Household Goods233.6849.432,649,288793,9571062008684Mardruk OpakowaniaNoNoPolandIndustrial Goods233.3249.383,226,6451,058,0634772015685MANANGNoNoFranceConstruction233.2349.366,205,5591,862,27240152012686bestbion dxNoNoGermanyHealth233.1849.3614,863,6284,461,17027212011687Avamore CapitalNoNoUKFinancial Services232.5749.272,552,248772,9432172015688Solaris and moreNoNoGermanyEnergy231.7549.144,692,6601,414,50130132011689ClearcycleNoNoUKRetail231.7349.142,176,368660,7671182015690OpteamisYesYesFranceSupport Services231.4549.1013,856,5004,180,52335122005691CodenorNoNoSpainConstruction231.3649.086,385,1961,926,96720102010692HAPPYBULLEYesNoFranceEcommerce231.1449.054,209,9751,271,3531882015693Aurora Energy ResearchNoNoUKEnergy231.0549.0415,079,4254,587,687158462013694BacciNoNoSpainFashion231.0049.0324,048,3027,265,35014192003695Emilia FoodsYesYesItalyFood & Beverage230.7548.9926,824,1408,110,1602582013696T.E.A.M. – Ti educa a migliorareNoNoItalyHealth230.2248.913,370,4901,020,690211822001697BrainhubYesNoPolandTechnology230.1648.903,513,7411,163,24175302016698AssitechYesNoItalyConstruction230.0348.892,675,750810,7509102016699Schott PackagingNoNoUKEcommerce229.6148.822,272,847694,5011142016700AlbaYesNoItalyEnergy229.3648.783,299,3301,001,74030122010701FinTruYesNoUKFinancial Services229.0348.7332,392,5469,915,6097402192013702Global EdiliziaNoNoItalyConstruction228.5548.664,028,0001,226,000542011703TPXimpactNoNoUKManagement Consulting228.3048.6257,093,43717,515,30538122016704LGS SportLabNoNoItalyAdvertising228.2648.624,014,2201,222,870962010705Weiser Brandschutz & TechnikYesNoGermanyConstruction227.8748.565,986,1991,825,7694542005706Fairfax and FavorNoNoUKFashion226.8148.4018,178,3225,602,27947132013707FAO ConsultingNoNoFranceTechnology226.3948.347,781,6002,384,15685392014708Gruppo Del Barba ConsultingYesYesItalyFinancial Services226.3548.335,855,0401,794,1203782010709ExclaimerYesYesUKTechnology226.0548.2826,143,8578,075,796109622003710Join Business Management ConsultingYesNoItalyManagement Consulting225.6948.2310,189,7903,128,70077252013711VennesNoNoGermanyConstruction225.1048.1417,048,0005,244,00057272003712PiggyNoNoThe NetherlandsTechnology225.0648.132,946,126906,3413172013713EpassiNoNoFinlandFintech224.8248.10205,312,45663,207,258130402007714Atheneum PartnersYesYesGermanyTechnology224.2748.0133,400,00010,300,0003151502010715Pharmacy2UYesNoUKTechnology223.9147.96156,232,90648,580,1024542111999716PHOENIX DEVELOPPEMENTNoNoFranceSupport Services223.1647.851,797,294556,1591862011717Wiwie TransportNoNoGermanyTransport223.0847.834,200,0001,300,00025102016718Mevas Auto CenterNoNoRomaniaAutomobiles222.9647.812,595,034834,70831232003719BK Beachhouse ModeYesNoGermanyRetail222.7847.795,172,4791,602,45835212015720F.lli UrsoNoNoItalyConstruction222.5947.762,009,090622,800932015721GoHenryYesYesUKFinancial Services222.2447.7022,020,3826,882,489166612011722AdrilogYesNoItalyTransport221.8547.6457,057,18017,727,9508166342014723AttachmentYesYesUKAdvertising221.7747.637,191,2492,250,946622015724PARIS HERBESYesNoFranceAgricultural Commodities221.7347.6312,934,9434,020,46925152015725Interlog LogisticNoNoFranceTransport221.6947.625,480,9461,703,81928372015726Conglomerati BituminosiYesNoItalyConstruction221.0847.5333,371,87010,393,68075341975727Nikkel ArtNoNoBelgiumEcommerce220.8347.493,762,1601,172,6172652010728EsyenNoNoItalyTechnology220.6047.453,868,9401,206,7702592011729Sav-eco Packaging LtdNoNoUKIndustrial Goods220.2747.4016,923,9405,322,2381651042014730Elmar Mair TiefbauNoNoGermanyConstruction219.9847.362,302,685719,6381982016731ATLAS Innovative EngineeringNoNoSpainEnergy219.3747.263,495,9811,094,66615122014732SECURE-ICNoNoFranceTechnology219.3347.266,934,1822,171,49276482010733DATALYONoNoFranceTechnology218.8247.183,544,2551,111,68736162014734Signify TechnologyNoNoUKManagement Consulting218.7847.172,547,992805,02929142016735BOXTNoNoUKEcommerce218.6947.1638,373,43012,127,39559202017736James and James FulfilmentNoNoUKEcommerce218.6747.1630,887,8839,762,332158552010737ArmonieNoNoItalyFood & Beverage218.6647.162,803,150879,670952014738Maverick GroupNoNoItalyTechnology217.2746.945,313,2901,674,690512017739BrainpullNoNoItalyAdvertising217.2146.934,264,1201,344,24029102012740WisebandNoNoFranceMedia217.0846.911,636,674516,1641542014741Groupe Ezdo La Boulangerie Des GourmetsYesNoFranceAgricultural Commodities216.9146.8940,777,82312,867,4101542013742Pakar ServiceYesNoPolandSupport Services216.1546.779,729,6423,363,8003962572010743BIO-UVNoNoFranceIndustrial Goods216.0346.7532,175,00010,181,000117622000744F.G. 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Lifting Solutions LtdNoNoUKConstruction212.6046.2215,846,6325,105,70014122016759Smart Battery SolutionsNoNoGermanyTechnology212.5946.2210,203,0003,264,00069282010760eu-bay CommerceNoNoGermanyRetail212.2346.168,122,6862,601,48520102003761Jens Rabe AcademyNoNoGermanyEducation212.0646.133,655,3451,171,3732062009762HyperopticYesNoUKTelecoms211.9746.1257,766,08418,649,68112514072010763SEPALENoNoFranceEnergy211.3346.027,879,9832,531,05521220097643A InformaticaNoNoItalyTelecoms210.7345.921,970,000633,99033192005765EMSPROTOYesNoFranceEcommerce210.6445.913,136,9471,009,84622102014766Laboratoires DermosunNoNoFranceChemicals & Pharmaceuticals209.8845.795,626,8491,815,8351392011767SaicoNoNoItalyConstruction209.3645.716,737,6002,177,95023132013768NutisYesNoItalyFood & Beverage209.0145.666,566,5302,124,9901991956769Ogrodosfera.plYesYesPolandEcommerce208.7345.6113,256,4724,693,33023122011770SVTIYesNoFranceIndustrial Goods208.5545.583,981,3001,290,31230172010771EnhancersNoNoItalyTechnology208.2445.533,352,2101,087,52038132011772AGRIPOWER FRANCENoNoFranceWaste management & recycling208.2045.537,701,2752,498,7921662012773Next Turbo TechnologiesYesNoItalyIndustrial Goods207.7745.469,481,0403,080,6101882014774Velvet Media ItaliaYesYesItalyAdvertising207.5445.425,411,1601,759,49098462013775Booster BoxYesNoItalyAdvertising206.8745.322,049,365667,8373592016776RMF GroupNoNoSlovakiaFood & Beverage206.8645.323,289,8921,072,117232014777Darwin Group LimitedNoNoUKConstruction206.3745.2470,393,89423,141,358140892005778ITFSYesYesPolandTechnology206.1045.2010,446,8623,730,405230902012779SKILLSDAYNoYesFranceEducation205.7045.133,154,7951,031,9882592015780GappsYesNoFinlandTechnology205.5145.108,707,0002,850,00034232010781MaxfelYesNoItalyInteriors205.4445.092,201,160720,6501561984782Herrero BrigantinaYesYesSpainInsurance204.7444.9814,725,8534,832,21255332012783ManitechYesNoItalyIndustrial 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FiverNoNoItalyInteriors199.4344.1311,897,8203,973,46050231999798KLC DESAMIANTAGENoNoFranceConstruction199.3644.126,182,4192,065,22046112015799SECRET ARTS OF SPIRITSYesYesFranceRetail199.2344.103,308,2241,105,569632014800MPB Group LimitedYesNoUKEcommerce198.9144.0572,503,24524,429,6861846820118013zehn Auto DiscountYesNoGermanyAutomobiles198.4143.9725,448,0578,527,7771252016802ADIKTEEVNoNoFranceTechnology198.3043.9545,616,00015,292,05167502012803Fundis ReitsportNoNoGermanyRetail198.0743.927,066,2082,370,6455032009804Antriebstechnik Ebner-SeiboldNoNoGermanyRetail198.0643.912,245,423753,3521792009805Invibes AdvertisingNoYesBelgiumTechnology197.1143.7611,530,0003,880,663102302011806Jointly il welfare condivisoNoNoItalySupport Services196.8443.722,400,550808,70034182014807ABTOT Mark & Anläggning ABYesNoSwedenConstruction195.9143.579,983,0943,450,30523102012808DUSAPRO ImmobilienYesYesGermanyProperty195.2143.4533,903,86511,484,80136102012809SOLDATS FILMSNoNoFranceMedia194.8143.392,320,653787,160842012810EagleprojectsNoNoItalyTelecoms194.6843.3715,140,4805,137,9002871202016811Agile LabYesNoItalyTechnology194.6043.355,590,4501,897,65043152013812importpris.noNoNoNorwayEcommerce194.3743.323,113,1971,126,971842012813truuYesYesGermanyIndustrial Goods193.7643.2212,472,5614,245,86172182011814L’AtelierNoNoFranceTechnology193.4543.174,288,0241,461,2261552016815frigoclim Kälte-KlimaYesNoGermanyConstruction193.4043.163,890,6901,326,0822272014816M Coffee CompanyNoNoGermanyRetail192.9543.092,117,442722,795532013817PROTEXTYLNoNoFranceRetail192.8543.075,324,1161,818,03222122011818SP architecteNoNoFranceConstruction192.8443.072,825,876964,99818142009819Embargos a lo bestiaNoNoSpainRetail192.6243.0322,559,2177,709,375178542011820SnigelYesNoIrelandTechnology192.5743.0220,479,7647,000,063322011821IMS RettungsdienstNoNoGermanyHealth192.3142.981,900,000650,00012052006822Way2Global SBNoNoItalySupport 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ErnstNoNoGermanyConstruction188.1942.312,012,427698,3001772017836Somerford AssociatesNoNoUKTechnology187.8142.2418,757,6856,564,16255312001837ARCADIA InvestmentYesYesGermanyProperty187.4542.198,102,2182,818,65238122012838FiloBluYesYesItalyManagement Consulting187.1442.1355,564,42019,351,0901861122009839Tribus DigitalNoNoUKTechnology186.8942.091,952,800685,5672182016840DoITYesNoItalyTechnology186.7942.083,040,0001,060,00035202014841Global PerspectivesYesNoUKHealth186.7142.066,631,4962,329,5222382009842PireneNoNoItalySupport Services186.5442.041,512,680527,9102581999843iPulseYesNoUKPersonal & Household Goods186.2741.99105,149,60236,995,102183392012844blue networksNoNoGermanyTechnology185.3641.846,626,7132,322,24147232002845N. SchweglerNoYesGermanyConstruction185.2441.8210,514,0003,686,00035202009846Marcus Lutz BauNoNoGermanyConstruction184.2641.661,874,438659,4021572002847HKR-TechnikNoNoGermanyRetail184.1441.646,996,8802,462,478432008848Licht + StromYesNoGermanyTechnology183.5441.544,039,3401,424,63330182007849Die AutoweltYesNoGermanyAutomobiles183.2341.4916,754,6545,915,49940152009850ARTHEAU AVIATIONNoNoFranceAerospace & Defence183.1741.4811,263,3183,977,562942012851CepoNoNoItalyIndustrial Goods182.8641.424,503,6701,592,17022132000852Sneakers & JacketsYesYesFranceFinancial Services182.4141.352,888,2731,022,71421201385389upNoNoUKAdvertising182.4141.351,814,237647,02026112009854LUXURY & PERFORMANCE SELECTIONNoNoFranceAutomobiles182.3941.356,444,0452,281,9294na2016855Grayce GroupNoNoUKManagement Consulting182.3641.3417,890,9286,381,6743951172012856Nemesi ItaliaNoNoItalyTechnology182.0241.281,640,000581,520411993857Halo Service SolutionsNoNoUKTechnology181.9741.285,037,0871,799,18940121994858Raspberry PiNoNoUKTechnology181.2941.1680,066,07428,668,48473362012859Giopato & CoombesYesNoItalyInteriors181.2741.165,467,9101,944,0001782010860Ship itNoNoGermanyRetail180.9541.103,391,0411,207,009842016861Rheinische ScheidestätteNoNoGermanyRetail180.8941.1083,044,96329,564,86647192012862Whites AgencyNoNoPolandAdvertising180.8841.094,076,3481,586,24690342011863Casa di Riposo Medicalizzata Sempione*NoNoItalyHealth180.6641.062,436,000867,9603812017864CSharkYesYesPolandTechnology180.5541.0411,828,5154,608,3432691352014865Zinox LaserYesNoItalyInteriors180.4141.026,364,0002,269,51047302015866Tera AutomationNoNoItalyIndustrial Goods180.3941.014,987,8601,778,89020142013867Innova HtsNoNoItalyHealth180.2240.988,792,4003,137,63016122014868KentigenNoNoCzech RepublicTechnology179.7940.911,507,867554,0042082013869Teal PartnersNoNoBelgiumTechnology179.3540.843,873,7501,386,70123132015870LM Medical DivisionNoNoItalyHealth179.2340.8211,281,0404,040,06047162010871BECNoNoGermanyTechnology179.2140.817,843,1832,809,03647252003872XylonNoNoCroatiaTechnology178.9740.774,491,8881,610,14981411995873Spedition Kai RindertNoNoGermanyTransport178.5240.703,018,6841,083,821922017874CO.GE.SA. Costruzioni Generali SabaNoNoItalyConstruction178.1340.633,453,7301,241,76022162009875Skärgårdstunnan/SkargardsNoNoSwedenEcommerce178.0540.6215,082,0885,547,53720132010876Autonova MilanoNoNoItalyAutomobiles177.3340.502,790,6801,006,2801412015877PolarsternNoNoGermanyEnergy177.0640.4530,270,07410,925,37540252011878halsdorfer + ingenieure projektNoYesGermanyProperty176.9440.4331,038,46011,207,5661552013879OPNAYesNoFranceSupport Services176.5340.362,317,903838,2002392015880StiketsYesYesSpainEcommerce176.2940.329,318,6263,372,82039252010881CampuStoreNoNoItalyEducation175.7540.2334,410,60012,479,12018181994882Ars FuturaNoNoCroatiaTechnology175.7040.221,580,154574,48727142013883Cemir SecurityYesNoItalySupport Services175.6140.212,835,3301,028,730116642015884Borgy CZNoNoCzech RepublicPersonal & Household Goods175.5940.2022,419,0338,362,56860402009885Groupe ZephyrNoNoFranceHealth175.2740.1516,264,6455,908,5176001902007886Dernier CriNoNoFranceTechnology175.0740.113,956,0611,438,18457252015887yes!devsNoNoGermanyTechnology175.0040.102,200,000800,00037102016888Hydroflex GroupNoYesGermanyRetail174.9840.1013,166,0004,788,00036192009889Proteko ServiceNoNoItalySupport Services174.6440.045,502,4502,003,5403172016890MiniCRMNoNoHungaryTechnology174.6040.032,232,347944,10726262012891CNQ Consorzio Nazionale QualitàNoNoItalyWaste management & recycling174.5640.032,151,050783,46039132001892AccoladeNoYesCzech RepublicProperty174.2639.9883,981,63631,477,723n/an/a2010893Panel SandwichNoNoSpainConstruction174.0039.939,637,8453,517,5192792009894SYMBIOSE InformatiqueNoNoFranceTechnology173.9739.9333,080,09612,074,45432281991895Automazione IndustrialeYesNoItalyIndustrial Goods173.9539.9216,504,7806,024,83051242012896I-PARTICULIERSNoNoFranceProperty173.4739.844,071,6001,488,875200502011897HencoNoNoGermanyRetail173.3339.826,970,6792,550,26348252012898Giglio.comNoYesItalyEcommerce173.1239.7825,355,6309,283,62053252007899AlphaspelNoNoSwedenRetail172.9939.764,535,7691,699,2341652013900Sapiegos KlinikaNoNoLithuaniaHealth172.4539.671,578,677579,43624142014901OpenCorporatesNoNoUKTechnology172.1739.622,730,6771,010,4982592010902BE CLOUDNoYesFranceSupport Services172.0939.6110,371,0943,811,60549222012903Drukarnia piga.plYesYesPolandEcommerce172.0239.594,064,0381,632,988130602014904groupe mister menuiserieNoNoFranceEcommerce172.0039.5968,009,31425,003,047227842010905InsettoNoNoGermanyRetail171.8739.576,010,1302,210,65179511999906TechnophageNoNoPortugalPharmaceuticals171.7139.542,237,180823,3811392005907skalis portage salarialNoYesFranceSupport Services171.1439.446,202,0682,287,42068252008908peoplegrapherYesNoGermanyAdvertising170.8639.403,561,2981,314,8061152016909Reveg FruitYesNoItalyFood & Beverage170.8539.392,356,570870,070422016910SciantYesNoBulgariaTechnology170.8339.393,192,1391,178,65379392016911Boender & BeutelNoNoGermanyIndustrial Goods170.6339.3614,550,1315,376,347130502012912EKINOPSNoNoFranceTelecoms170.6239.3692,800,00034,291,0004564192003913Sano-TécnicaNoNoPortugalHealth170.5339.344,972,6581,838,12013121938914möbelandoNoYesGermanyRetail170.5239.3416,692,3906,170,57724162013915DemocomYesYesItalyTelecoms170.3939.313,347,9501,238,21037122011916ErbagilNoNoItalyPharmaceuticals169.8239.224,021,0101,490,2801132009917Axopar BoatsYesYesFinlandTravel & Leisure169.3039.1378,765,69329,247,7743292014918Advanced Composites SolutionsNoNoItalyAutomobiles168.8639.055,393,6902,006,10054112012919Spartivento Yachts & CharterNoNoItalyTravel & 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StoneYesNoRomaniaConstruction164.8338.354,409,4761,729,707105482012946CoptrzNoNoUKAerospace & Defence164.7838.346,297,4712,395,44522102016947NuroleNoYesUKTechnology164.7738.343,249,4931,236,09835152014948ABAO EnergyYesNoGermanyConstruction164.3838.282,406,917910,38615102016949Welol NextNoNoItalyTechnology163.9738.202,685,4401,017,32032162011950Intent HQNoNoUKTechnology163.9338.205,762,8912,199,12675222010951Café du CyclisteNoYesFranceEcommerce163.4238.117,445,8652,826,57120142009952LANGER Lüftungs- und KlimaanlagenNoNoGermanyConstruction163.4238.114,609,2561,749,794852016953FormindYesYesFranceFinancial Services163.2738.0816,845,3546,398,583130602010954Oasis Smart SIM Europe**NoNoFranceTelecoms162.6537.973,065,1651,167,0002042010955AfereticaYesNoItalyHealth162.5137.956,376,9102,429,2301392013956ZeroNoNoItalyEnergy162.5037.9542,000,00016,000,00037152014957SKILLSYesYesFranceSupport Services162.1737.8911,650,1384,443,710702020119583E StudioNoNoItalySupport Services161.8437.832,804,5801,071,0902212015959Pannonia SteelNoNoSlovakiaConstruction161.8137.821,768,886675,645512013960KronosNoNoItalyFashion161.7237.8123,579,0009,009,27021152009961LaSaponariaNoNoItalyBeauty161.6337.796,304,6902,409,73022112007962Die WuhlewandererYesNoGermanyHealth161.5837.784,970,0001,900,00095502013963IMINT VidhanceNoNoSwedenTechnology161.5437.784,851,5381,897,11327262007964Arte e PassioneYesNoItalyRestaurants161.4537.761,671,730639,41047182016965PAUL MARIUSNoNoFranceRetail161.3737.7524,869,6029,515,00087292011966ScalefocusNoNoBulgariaTechnology161.2137.7233,137,85712,686,1777303302012967WhiskyzoneNoYesGermanyRetail161.1137.7010,750,8664,117,3401672014968Targa TelematicsYesNoItalyTechnology160.9437.6737,386,15014,327,610113632002969SIAN Wholesale LtdNoYesUKTransport160.0437.5174,719,26028,939,86150232003970Visage TechnologiesYesNoSwedenTechnology159.9837.505,677,6392,233,448104542002971RiotlocNoNoLithuaniaGames industry159.9237.491,551,468596,906112016972BullionVaultNoNoUKPrecious metals159.8137.4716,196,0466,278,456343120039733A AntioxidantsNoNoSpainChemicals & Pharmaceuticals159.4937.427,704,0002,968,8922392000974on MetallNoNoGermanyIndustrial Goods159.4237.402,587,718997,518632016975ScribbrYesYesThe NetherlandsEducation159.3337.398,862,8183,417,53639222012976SelectraYesNoFranceEnergy158.8437.3062,951,35324,320,73410005002007977EnergeticNoNoItalyEnergy158.5837.261,711,470661,8601372010978FaveodNoNoFranceSupport Services158.4037.222,598,5851,005,658972007979CYE EnergiaYesYesSpainEnergy158.3937.2223,673,7289,161,8671552013980Integrata OyYesNoFinlandFinancial Services157.9937.159,409,0003,647,000105332008981Regular TradeNoNoGermanyRetail157.8737.1311,671,0004,526,00025152010982ExpleoNoNoHungaryEnergy157.8237.122,696,785900,6861562011983Confezioni VelvetNoNoItalyFashion157.6237.093,355,8701,302,64021212015984Activ BilanzYesNoGermanyProperty157.5537.0717,286,9856,712,14610121998985Family NationNoNoItalyEcommerce157.4037.055,300,3702,059,1901252011986MajarYesNoGreeceTechnology157.0736.9913,224,8655,144,44219131994987IzertisYesNoSpainTechnology156.8736.9550,740,84119,753,1507914311996988Fashion CommerceYesNoItalyEcommerce156.4436.882,349,000916,000512016989Bulk Tainer Logistics LimitedNoNoUKTransport156.2736.8556,054,13021,717,432105412009990WingecoNoNoItalyIndustrial Goods155.7436.753,407,3101,332,33022122016991Meblobranie.plYesYesPolandEcommerce155.4836.7119,295,4296,909,79925122021992QueraltóNoNoSpainEcommerce155.3936.6921,900,9038,575,34467391898993PhobosYesNoSlovakiaAutomobiles155.2336.663,529,4541,382,8441281993994Archita EngineeringNoNoItalySupport Services155.0236.622,739,2301,074,1305132013995CeleritasNoNoSpainTransport154.9436.6158,139,93322,805,39827102006996peopleForecastNoNoGermanyTechnology154.8636.592,086,411818,65845152014997DigitalpaNoNoItalyManagement Consulting154.8236.591,731,340679,44012412014998FaktenkontorNoNoGermanyAdvertising154.8136.5930,967,00012,153,1431501002003999CLAREOYesYesFranceRetail154.8036.5818,854,7087,399,729531320121000Laca TradeYesYesItalyProperty154.6036.5524,741,5109,717,860552013

* Companies marked with an asterisk had less than 12 months of revenue in the 2017 financial year, but it still passed the €100,000 revenue threshold.** Companies marked with a double asterisk have been acquired since the ending of the relevant timeframe.Methodology The FT 1000: Europe’s Fastest Growing Companies is a list of the top 1,000 companies in Europe that have achieved the highest percentage growth in revenues between 2017 and 2020. The ranking of the FT 1000 was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons. The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times. In addition, through research using company databases and other public sources, Statista identified tens of thousands of companies in Europe as potential candidates for the FT 1000 ranking. These companies were invited to participate in the competition by post, email and telephone. The application phase ran from October 1 2021 to December 31 2021.The submitted revenue figures had to be certified by the chief executive, the chief financial officer, or a member of the executive committee of the company. Companies with three or fewer employees, or companies that are not a legal entity, were subject to additional checks to verify their revenue numbers.Criteria for inclusion in the list To be included in the list of Europe’s fastest growing companies, a company had to meet the following criteria: • Revenue of at least €100,000 generated in 2017 (or currency value equivalent according to the average of the actual fiscal year). • Revenue of at least €1.5m generated in 2020 (or currency value equivalent according to the average of the actual fiscal year). • A independent company (the company is not a subsidiary or branch office of any kind). • Revenue growth between 2017 and 2020 that was primarily organic (ie “internally” stimulated) • If listed on a stock exchange, a share price that had not fallen by 50 per cent or more since 2019. Companies from these countries were eligible to participate: Austria, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK. Calculation of growth rates The calculation of company growth rates was based on the revenue figures submitted by the companies in the respective national currency. For better comparability in the ranking, the revenue figures were converted into euros. The average exchange rate for the financial year indicated by the company was used for this purpose. The compound annual growth rate (CAGR) was calculated as follows: ((revenue2020 / revenue2017)^(1/3)) — 1 = CAGR The absolute growth between 2017 and 2020 was calculated as follows:(revenue2020 / revenue2017) — 1 = Growth rate Evaluation and quality assurance All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc) were researched in detail. Companies that did not fulfil the criteria for inclusion in the ranking were deleted. The minimum average growth rate required to be included in the ranking this year was 36.5 per cent. More